How LeBron James' homecoming instantly shifts the balance of power

Four years ago, Cavaliers fans burned jerseys and cursed LeBron James’ name. With one simple statement from James on Friday - “I’m coming home” - those cries from Cleveland became medieval chants of Long Live the King.

After nearly two weeks of free agency and another year of questions, the best player of his generation refused to recreate the kind of frenzy that preceded and followed his 2010 ‘Decision’ to leave Cleveland for Miami. The media may have stirred up a frenzy of their own this time around, but James stayed quiet through the opening weeks of the off-season before making his announcement via a heartfelt, narrated online address.

It’s impossible to overstate what this means to the Cavaliers organization, Cavs fans, the city of Cleveland and James’ home state of Ohio. Reduced to a riot on that night four years ago and to a punchline in the four years that followed, the Cavs instantly become the story of the NBA once again, this time for all the right reasons.

At the beginning of free agency, we debated whether Kyrie Irving is really worth max money. Well whether or not you’re overpaying Irving doesn’t matter much at this point, because if the young All-Star is your second-best player on a team led by James, with Andrew Wiggins (and don’t forget Anderson Varejao) in tow and a group of additional young players in Tristan Thompson, Dion Waiters and Anthony Bennett to either add to the mix or to help land a third star (like maybe Kevin Love), you’re going to contend for top billing in the Eastern Conference.

Depending on how the chips fall in regards to Chris Bosh, Dwyane Wade and Carmelo Anthony, the Cavs may very well be the favorites in the East, and while a handful of worthy, if not superior, contenders remain out West, Cleveland has to feel good about the fact that they’re in position to get within four wins of a title, year after year for the foreseeable future.

And yes, the memory of the Spurs dismantling the Heat is still fresh in our minds, but at the end of the day, who’s the one player you’d presently take on your team before anyone else in a best-of-seven series for a championship?

In an instant, James has transformed the Cavs from playoff hopefuls to fringe title contenders, at worst, in Year 1. Even without the third present day All-Star they seem primed to land, a complimentary duo of Irving and Wiggins (who may very well be that eventual third All-Star himself) growing around James is a scary thought in the aforementioned Leastern Conference. This is also your reminder that James hasn't turned 30 yet. They've got time.

From a financial perspective, ESPN's Darren Rovell estimated that James could have been worth more than $160 million to the Heat over the next three years. As much as LeBron’s homecoming will resurrect Cavaliers basketball on the court, his mere presence in Cleveland should give the franchise a license to print money off of it.

Given Dan Gilbert’s infamous comic sans letter, it seems almost unfair that the billionaire owner will get to profit off of James’ otherworldly talent again so soon, but one look at the joy LeBron has returned to the faces of Ohio should quell those thoughts of unfairness.

There are other basketball-related matters to discuss, like which young Cavs could be included in a package for Love or any other third star the team attempts to land – would Wiggins be involved? - and the mammoth amount of instant pressure placed on new coach David Blatt’s shoulders.

For now, James’ return is the only story that matters for Cavs fans.

If James’ first season in Miami, as he chased ring No. 1, was circus-like in the hate and backlash he received in the NBA’s 30 arenas, the 2014-15 season will be a redemption tour of sorts, as he soaks in the love on his quest to bring Cleveland its first major sports championship since 1964.

That covers the winning side in the 2014 LeBron James sweepstakes, but what about the Heat?

Pat Riley and co. will surely be devastated by James’ departure just four years after landing the biggest free agent fish in NBA history, and some will point to the two championships James, Wade and Bosh won together as some sort of failure given their original “Not one, not two, not three stance.” Their longevity as a trio may be disappointing to Heat fans, but the fact remains The Big Three appeared in more Finals (four) over the last four years than 17 current NBA franchises have ever appeared in, and won more championships (two) in the last four seasons than 20 current franchises have ever won.

The Heat enjoyed more success in less than a half-decade than most teams experience in the average fan’s lifetime. How can that possibly be defined as failure?

If Bosh leaves for Houston as many expect, Miami could be left with a depressing team led by an aging Dwyane Wade, Josh McRoberts, Norris Cole, Shabazz Napier and Danny Granger. But this is still Pat Riley we’re talking about and this is still South Beach. Would anyone really be that stunned if Riles can convince Bosh to stay, or perhaps if he made a last ditch pitch to Carmelo Anthony in the event Bosh does leave? One of Bosh or Anthony with Wade, plus a couple of solid role players like McRoberts, would be formidable in the East.

Miami may still be able to piece together a good playoff team going forward, but without LeBron, they’re going to take a significant step backwards while Cavs fans bask in the glory of James’ return.

In the Eastern Conference, at least, the old king is dead.

Long live the king.