Cleveland Cavaliers make Anderson Varejao contract extension official

Anderson Varejao's contract extension with the Cleveland Cavaliers is now official. ESPN's Marc Stein reported yesterday that the team was close to finalizing a three year, $30 million extension that would kick in next summer. NEOMG's Chris Haynes confirmed that number today.

The Cavaliers themselves announced the move:

The Cleveland Cavaliers and Anderson Varejao have signed a multi-year contract extension, Cavaliers General Manager David Griffin announced today from Cleveland Clinic Courts. Per league policy, terms of the contract were not released.

"Anderson represents how this franchise wants to approach the game of basketball, both on the court and off," said Griffin. "He has been a key part of our foundation for years and we are very happy that he will continue to be part of our Cavs family as we work towards our goals at the highest level. Andy is, and has been, a tireless worker, an incredible teammate and a great competitor that plays with a rare combination of energy and intensity that makes him truly special."

While the money might be a little steep, the Cavaliers weren't likely to have any salary cap room in the near future anyway. Varejao has become a fan favorite over the years. He is a good defensive center and seems to add a little to his offensive game every year. While he is on the downside of his career, it is nice to know that in all likelihood, Varejao will retire a Cleveland Cavalier. If he can stay healthy, it seems likely he can live up to this deal.

Update

Adrian Wojnarowski of Yahoo! Sports has reported the financial details of Varejao's deal. $20 million of the $30 million is guaranteed and the last year of the deal is a team option.

For Anderson Varejao's Cavs extension, two years, $20M of deal is guaranteed. The $10M on third year is a team option, league source says.

— Adrian Wojnarowski (@WojYahooNBA) October 31, 2014