The move cements the team's frontcourt rotation for the immediate future. The Cavaliers reached a five-year, $113.2-million extension with All-Star power forward Kevin Love this summer and also have center Tristan Thompson under contract for $36 million over the next two seasons.
Nance, the No. 27 pick by the Los Angeles Lakers in the 2015 draft, was acquired by Cleveland in February. The high-flying dunker averaged 8.9 points, seven rebounds, and 0.8 blocks in 20.8 minutes per game for the Cavaliers down the regular-season stretch, but saw his playing time diminish in the playoffs en route to his first Finals appearance.
The 25-year-old is the son of former Cavaliers All-Star Larry Nance, who played with the team from 1987-94. According to Basketball Reference, the elder Nance made $10.6 million total over those seven seasons.