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Yahoo Finance reported on Oct. 15 that Cleveland Cavaliers All-Star point guard Kyrie Irving /4/wind up getting an extra $9.5 million due to a bonus stipulated in the five-year, $95 million contract extension he signed during the offseason as well the return of four-time NBA MVP LeBron James to Cleveland.
Kyrie Irving could end up becoming $9.5 million richer due to the return of LeBron James to Cleveland.
According to Yahoo Finance’s Cork Gaines, Irving /4/earn the said amount with James’ return as well as a bonus stipulated in the former’s five-year, $95 million contract extension which he signed during the offseason:
“Kyrie Irving had a good summer.
“The big news was that Irving went from the lone star on a mediocre team to suddenly being teammates with LeBron James and Kevin Love and becoming the third wheel of the NBA’s newest Big 3.
“However, flying a bit under the radar was the news that Irving also signed a max-contract extension with the Cavs announced the day before James told the world he was going home to the Cavs.
“That 5-year deal will be worth about $95 million But thanks to the presence of James and a bonus in Irving’s contract, that deal /4/end up being worth about $9.5 million more.
“As a max-contract player with less than seven years of experience, NBA rules say Irving’s salary will be 25% of the salary cap in the first year of the extension (2015-16) Each year after that, Irving would receive a raise equal to 7.5% of the salary cap (27.5% in Irving’s case) if the player meets a certain set of criteria.
“One of those criteria that would allow the Derrick Rose bonus to kick in is if the player is named the starter in (the) All-Star Game two times before the new contract starts (other critiera are winning an MVP award and being named All-NBA twice).
“Irving, along with Dwyane Wade, was voted as one of the two starting guards for the 2014 All-Star Game. But with Derrick Rose, ironically, returning from injury this year, it seemed unlikely that Irving would repeat as a starter and the Rose Rule would not kick in.
“However, with the popularity of the Cavs this season, Irving’s own popularity will also be boosted. As Zach Lowe of Grantland points out, even if Rose is voted a starter, there is a good chance Irving will actually surpass Wade this season and still be voted in.
“If Irving is voted in as a starter for the 2015 All-Star Game, and using a projected 2015-16 salary cap of $63.3 million, Irving’s 2015-16 salary cap of $63.3 million, Irving’s 2015-16 salary would jump from $16.6 million to $18.2 million.
“This is significant because the salary in the next four seasons is based on that first year.
“Overall, Irving’s earnings under the new contract would increase $9.5 million and it would all be due to just one All-Star vote that would be heavily influenced by the presence of LeBron.”
“I’ve never played with a point guard like Kyrie Irving.”
– LeBron James after the 1st day of training camp pic.twitter.com/PhZP7DYxMm— Cavs Nation (@CavsNationNet) October 15, 2014
In another development, Irving bought an $800,000, two-story house located in Westlake, Ohio from former Cavaliers guard Daniel Gibson and his estranged wife, Keyshia Cole, on Oct. 11, per The Los Angeles Times’ Neal J. Leitereg:
“While news of LeBron James’ $17 million listing has been leading real estate headlines, new teammate and fellow All-Star Kyrie Irving has made a move of his own, buying a Westlake, Ohio, home from former Cavaliers guard Daniel Gibson and his estranged wife, singer-songwriter Keyshia Cole.
“The 22-year-old point guard paid $800,000 for the two-story residence, found on more than half an acre west of Quicken Loans Arena. Gibson paid $1.25 million for the property in August 2009 and had asked as much as $1.1 million for the home last year.
“The Tudor-style home, built in 2007, sports Brazilian cherry hardwood floors, coffered ceilings and stone accents. Features include a music studio and lofted area with a hidden room and a finished basement complete with a home theater, fitness room, trophy room and wet bar.
“The first-floor master suite touts a walk-in closet and a bathroom with a soaking tub and salon-style chair. In all, the home counts four bedrooms and six bathrooms in slightly more than 5,000 square feet.”
Irving has averaged 20.7 points, 3.7 rebounds and 5.8 assists in 181 career regular-season games for the Cavaliers, per ESPN stats.
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