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LeBron inks $100 million contract with Cavs

LeBron James #23 of the Cleveland Cavaliers
David Liam Kyle | NBAE | Getty Images

LeBron James has signed a 3-year, $100 million contract to return to the Cleveland Cavaliers.

"I can't be more excited for this opportunity, once again, to defend our crown, defend our title," James said in a video for Bleacher Report's "Uninterrupted." "We all know last year was a magical, inspiring ... unbelievable season. I just can't wait to get the group back together."

James was unanimously named the most valuable player in the this year's NBA Finals, averaging 29.7 points, 8.9 assists, 11.3 rebounds, 2.6 steals, and 2.3 blocks per game, according to NBC Sports. It was one of the most expensive finals ever tracked by ticket reseller TiqIQ.

James' contract comes as teams have sold for sky-high valuations, and more players have opted to take free agent deals to negotiate bigger pay days down the road. A $24 billion 2014 television deal meant each NBA team will have a salary cap of $94 million this upcoming season, compared with last season's record-setting $70 million.

"We're negotiating from a place where everyone's happy, everyone's making more money," Michele Roberts, executive director of the National Basketball Players Association, told CNBC in June.

The Cavaliers will kick off preseason games against Orlando on October 5, according to a schedule released this week.

— Reporting by CNBC's Jessica Golden. Jacob Pramuk and Ivan Levingston contributed to this report.