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As expected, LeBron James reportedly opts out of Cavaliers deal. Will re-sign with team.

Cleveland Cavaliers Victory Parade And Rally

CLEVELAND, OH - JUNE 22: LeBron James #23 of the Cleveland Cavaliers celebrates during the Cleveland Cavaliers 2016 championship victory parade and rally on June 22, 2016 in Cleveland, Ohio. (Photo by Jason Miller/Getty Images)

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This is less news than a housekeeping item.

As has been expected to happen since before this season ever started — long before he led the Cleveland Cavaliers to an NBA title — LeBron James has opted out of his contract with the Cleveland Cavaliers, LeBron’s agent told Chris Broussard at ESPN. He’s dropping a $24 million contract to sign a $30 million one for next season — and you can bet it’s a one-year contract because he can make more the year after that.

Finals MVP LeBron James will not exercise his player option with the Cleveland Cavaliers for the 2016-17 season, according to his agent, Rich Paul....

Though he has opted out, James can re-sign with the Cavaliers and said last week he has no intentions of leaving Cleveland again.

He’s not leaving Cleveland, at least not yet. He will sign another one-plus-one deal with the Cavaliers so he can make more money while doing a victory tour with the Cavs, who will be heavy favorites to make it back to the Finals out of the East.

What will he do in the summer of 2017, when the salary cap is expected to jump another $13 million at least? He’ll sign a larger deal, likely for the full five-year max, and may consider options outside of Cleveland.

But for now he’s going to stay a Cavalier, this is all just a formality.