4:25pm: Eric's deal is for three years, but the first season is just partially guaranteed and the second and third seasons are non-guaranteed, according to Jason Lloyd of the Akron Beacon Journal.
4:05pm: The Cavs have officially announced Eric's signing in a team release.
1:48pm: Rookie free agent Micheal Eric has signed a multiyear deal with the Cavaliers, according to Alex Kennedy of HoopsWorld (via Twitter). The terms of the contract aren't known, but it's probably reasonable to assume that 2012/13 is the only year with any guaranteed money for the Nigerian big man.
Eric, who averaged 9.0 points, 8.8 rebounds, and 2.1 blocks per game in his senior year at Temple, reportedly drew interest from a handful of teams leading up to the draft as a potential second-round pick.