JULY 26: The Cavaliers have officially issued a press release announcing Lue’s new deal.
“Ty took over our team under very trying circumstances and his calm, confident approach was invaluable as we found our way to success,” GM David Griffin said in a statement. “His vision, leadership and tactical acumen were fundamental to us reaching our goals. We couldn’t be happier to have Ty continue to lead our group into the future.”
JULY 25: Cavaliers head coach Tyronn Lue has agreed to a five-year, $35MM extension, league sources informed Adrian Wojnarowski of The Vertical.
Lue was named head coach after David Blatt was fired on January 22nd. Cleveland went 27-14 the rest of the regular season under Lue’s guidance, then made history by winning its first championship. Lue was instrumental in keeping the team focused after it trailed the Warriors 3-1 in the Finals, then made its historic comeback to claim the title.
Lue had been Blatt’s associate head coach since the summer of 2014, when Blatt got the head job over him.
Lue became the league’s top-paid assistant at that time with a four-year deal worth $6.5MM. After he was named head coach, the Cavs and Lue’s representatives came to a verbal agreement on a renegotiated deal that would have paid him $3MM prorated for last season and $3MM this season, with a team option for a third year at $3.5MM with a buyout.
However, Lue reportedly didn’t sign that deal and there were no performance standards or stipulations that would have kept the verbal agreement valid after the season.