Love signs reported 4-year, $120M contract extension with Cavs

Kevin Love has signed a long-term contract extension to remain with the Cleveland Cavaliers, the team announced Tuesday.

It's a four-year, $120-million deal, sources told ESPN's Adrian Wojnarowski and Brian Windhorst.

Love opted out of the final year of his contract to sign the new terms, according to ESPN. He will earn $24.1 million this coming season, the last of his existing deal, before the extension kicks in at an average of $30 million per year.

The news puts to bed any notion that Love would leave Cleveland in the wake of LeBron James' departure. Love, who turns 30 in September, now becomes the de facto face of the franchise.

In four seasons with the Cavs, the power forward has averaged 17.1 points and 10 rebounds on 37.7 percent 3-point shooting.