The Cavaliers are re-signing restricted free agent Isaac Okoro to a three-year, $38M contract, agents Michael Tellem, Jeff Schwartz and Marcus Monk tell Adrian Wojnarowski of ESPN.
Okoro, 23, came in at No. 20 on our list of 2024’s top 50 free agents, making him the top remaining player who had yet to sign a new deal. It took over two months, but the NBA’s lone restricted free agent has agreed to return to Cleveland.
As ESPN’s Bobby Marks reports, Okoro’s $11.8M qualifying offer would have expired on Oct. 1, though he still would’ve been a restricted free agent had a deal not been reached by that point. Marks adds that the Cavs were approximately $10.4M below the luxury tax line before accounting for Okoro’s new contract.
According to Chris Fedor of Cleveland.com, Okoro’s three-year deal features $33M in guaranteed money. A source tells Michael Scotto of HoopsHype that Okoro’s contract features some unlikely bonuses tied to his team’s success.
The No. 5 overall pick of the 2020 draft, Okoro averaged 9.4 points, 3.0 rebounds and 1.9 assists while shooting a career-best 39.1% from three-point range in 69 regular season games in 2023-24, including 42 starts (27.3 minutes per contest). The 6-foot-5 wing is primarily known for his defense, particularly on the ball, where he’s frequently tasked with guarding the opposing team’s best perimeter player.
When we polled our readers about Okoro’s situation last week, 59% of those who voted thought he would accept his qualifying offer — essentially just a one-year contract — to hit unrestricted free agency in 2025. About 17% thought he would re-sign with the Cavs on a multiyear contract.
Scotto reports that the Nets and Hornets were among the teams that showed sign-and-trade interest in Okoro before he agreed to a new contract with Cleveland.
Once Okoro’s signing is official, the Cavs will have 14 players on standard contracts, though only 11 of those deals are fully guaranteed. Tristan Thompson and Sam Merrill are on non-guaranteed contracts, while Craig Porter Jr. has a $1M partial guarantee on his $1.89M salary. All three of the team’s two-way slots are filled.
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