The team said it finalized the contracts for the Nos. 1 and 4 picks in this year's draft on Friday before the first training camp practice. Financial terms on the deals were not immediately known.
Irving, who left Duke after just one injury-shortened season, is expected to take over as the club's starting point guard. The Cavaliers are trying to decide what to do with veteran guard Baron Davis, who reported to camp amid speculation the team may use the new "amnesty clause" in the collective bargaining agreement to waive him and clear room under the salary cap.
Earlier, coach Byron Scott said he -- and not Davis -- is the perfect mentor for the 19-year-old Irving.