Cavaliers, coach Tyronn Lue agree on 5-year contract extension

The Cleveland Cavaliers and coach Tyronn Lue have reached an agreement on a five-year contract extension.

The team announced the contract Tuesday, referring to the deal as a multiyear agreement. But sources told ESPN that it is a five-year extension with the first four years fully guaranteed. The fifth year is a team option. According to The Vertical, the deal is worth $35 million.

Lue did not sign a new contract when he was promoted from associate head coach to take over for David Blatt in January, sources previously told ESPN.

Lue led Cleveland to a 27-14 mark in the second half of the season and through the playoffs to the NBA championship.

"Ty took over our team under very trying circumstances and his calm, confident approach was invaluable as we found our way to success," general manager David Griffin said in a statement. "His vision, leadership and tactical acumen were fundamental to us reaching our goals. We couldn't be happier to have Ty continue to lead our group into the future."

Lue was already the league's top-paid assistant coach when he was added to Blatt's staff in the summer of 2014 with a four-year deal worth a total of $6.5 million.

"The opportunity to continue coaching the Cavaliers and this very special group of players is tremendous," Lue said in the statement.