6:45pm: Drew has officially signed the agreement, according to a team press release.
4:39pm: Larry Drew and the Cavaliers have agreed on a contract for the rest of this season and a partially-guaranteed deal for next season, Adrian Wojnarowski of ESPN tweets.
Drew will remain the team’s head coach through this season. If the team decides to move on from Drew after the season, he will receive a buyout, Wojnarowski adds.
Drew had been the team’s acting coach but didn’t want the interim tag after replacing Tyronn Lue. Drew had been one of the NBA’s highest-paid assistants, but was still earning less than $1MM, well below the going rate for a head coach.
None of the other Cavaliers assistant coaches were given additional security as part of the agreement, Joe Vardon of The Athletic tweets.
Drew had expressed optimism recently over the state of negotiations with owner Dan Gilbert and GM Koby Altman after indicating he was “very disappointed” by the lack of progress in those talks.
After starting the season with ambitions of making the postseason in the post-LeBron James era, the Cavaliers could wind up with the worst record in the Eastern Conference. They’re 1-8 and have lost their best player, Kevin Love, for at least six weeks after he underwent foot surgery last week. Drew’s postseason evaluation will likely be centered on how the team’s younger players, particularly lottery pick Collin Sexton, progressed during the course of the season.
Drew previously coached the Hawks for three seasons and the Bucks for a season.