Chris Haynes: Larry Nance has reached a four-year, $45 million extension with Cleveland, league sources tell Yahoo Sports.
Larry Nance Jr. is staying home. Nance and the Cleveland Cavaliers have agreed to a four-year contract extension, solidifying him as a franchise building block while the organization attempts to rebuild a championship roster in the post-LeBron era. According to a league source, it’s a four-year deal worth $44.8 million.
“I haven’t come up with the word for it yet,” Nance said Monday night. “Surreal doesn’t even cut it. I grew up here. I grew up in this building watching my dad play. To re-up here for four more years and get wear the 22 in the city of Cleveland, I can’t put it into words. I’m one of you guys. I’m a Cleveland guy at heart. There’s no place I would rather be.”
Nance, an Akron-native, worked with the Cavs so his salary declines as the deal goes along and the team can maintain cap flexibility. The first year of his contract is expected to be worth $12.7 million. He is set to make around $9.6 million in the final year. There are no options included in the contract and he will become an unrestricted free agent following the 2023 season.