The free-agent center signed a two-year, $24 million contract at the team's suburban training facility Friday, and he was introduced by general manager Chris Grant.
Bynum touched on a variety of topics, including his expectations for the team and his health.
"This is definitely a playoff team," Bynum said. "I'm really excited about this roster."
Bynum sat out the entire 2012-13 season with Philadelphia because of knee injuries but said he will be medically cleared to practice by the start of training camp. He underwent surgery on both knees in March.
"The Cavs so far have given me every opportunity to succeed," Bynum said. "The medical staff is great. They've put together a plan going forward. I pretty much just show up and work hard. I really believe in the doctors here and in the training staff. I'm in a different place because after the surgery I feel a lot better than I did last year. With time off, I've been able to get the swelling out.
"I'm just ready to work. I'm here. I moved up here already, found a new location to live. I'm going to be in this gym as much as possible to get my game back to the level that I know I can."
The Cavaliers guaranteed Bynum only $6 million in the first year of the deal, but he could earn an additional $6 million through performance incentives. Cleveland holds a $12 million team option for the second season.
"His talent, size and experience clearly have the potential to very positively impact our team," Grant said. "He has the ability to strengthen the foundation we are creating and continue to be very excited about. At the same time, we are fully aware of where he is in his journey to get back on the court and will provide every resource possible to support and enhance this process."
Bynum previously played for Cavaliers coach Mike Brown with the Lakers two years ago, making his lone All-Star appearance.
Information from The Associated Press was used in this report.