As expected, the team also exercised its third-year option on second-year forward Tristan Thompson, who was taken with the No. 4 overall pick in the 2011 draft, three selections after Irving.
The 20-year-old Irving averaged 18.5 points, 5.4 assists and 3.7 rebounds in 51 games last season. Irving broke his right hand during an offseason practice but is fully recovered. Thompson averaged 8.2 points and 6.5 rebounds in 60 games. The Cavs believe he can score more this season, and average double-digit rebounds.
Cavs general manager Chris Grant said Irving and Thompson "exemplify what we want to be as a team and franchise, both as players and as people."