The show goes on: Donovan Mitchell announces he’s staying with Cavs; agrees to three-year, $150.3 million extension

CLEVELAND, Ohio (92.3 The Fan) – Donovan Mitchell isn’t going anywhere.

Mitchell used his social media accounts Tuesday morning to announce he is remaining with the Cavaliers using the team’s official hashtag #LetEmKnow and a clip from the blockbuster movie The Wolf of Wall Street.

The five-time NBA All-Star confirmed that he will sign a three-year extension, including a player option for 2027-2028, worth the maximum of $150.3 million.

“All year I've been saying the same s***,” Mitchell said in a video he posted on his Instagram story. “I'm saying how much I like it every day. It's like, oh, ‘he going to do this. He going to do that.’ I don't get it. I don't understand it. I think it's hilarious. It's what it is, but I'm glad I got this s*** done, man. Glad I got this s*** done in Cleveland. Now to get focused. You know what I'm saying? Let's get to it.”

This extension keeps Mitchell, who had one more season remaining on his contract before a player option, with the Cavs for at least the next three seasons and positions him to be able to sign an even bigger contract after he completes his 10th year of NBA service that will allow him to earn 35% of the cap which could pay around $325 million over five years.

“He's invested, he's really invested in what we're doing,” Cavs president of basketball operations Koby Altman said Monday during the introduction of Kenny Atkinson as head coach Altman said. “But he's been great. He's been super involved and super collaborative and very, very much pro Cleveland.”

In two seasons with the Cavs, Mitchell has led the team to back-to-back playoff appearances while shooting .475 from the field and averaging 27.5 points, 5.2 assists, 4.6 rebounds and 1.6 steals per game.

Mitchell became the 12th player in NBA history to score 70 points in a game on January 2, 2023 when he dropped a career-high and franchise record 71 in a win over the Bulls.

After Kenny Atkinson signed his five-year contract, Atkinson and Altman flew to Los Angeles over the weekend to meet with Mitchell, who was hosting his basketball camp.

Mitchell was acquired in a blockbuster trade with Utah in September 2022 for Collin Sexton, Lauri Markkanen and first round draft picks in 2025, 2027 and 2029 as well as the right to swap first round picks in 2026 and 2028.

Since that trade, the national media had speculated and reported that Mitchell would not re-sign with the Cavs and Cleveland was just a brief stop before he ended up playing for his hometown Knicks, and this summer there speculation he could wind up in Miami.

Not so.

Instead, the show goes on for Mitchell in Cleveland.