Cavs officially re-sign LeBron James

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No television special. No Sports Illustrated essay. No change of address. The third spin through free agency for LeBron James was far less exciting than the first two.

The Cleveland Cavaliers have officially re-signed their franchise player, the team announced Friday.

The deal is reportedly a two-year agreement worth an estimated $47.7 million, with a player option for the second year. It will pay James his maximum salary for 2015-16 and give him the freedom to opt out and sign a new deal worth far more in the summer of 2016, with a much higher cap.

With the cap set to go even higher in 2017, signing another deal like this next summer would be the best way for James to maximize his earnings, once the Cavs have his full Bird rights. Barring catastrophic injury or an inkling to leave Cleveland, James would stand to sign the largest contract in league history in the summer of 2017 if he takes this approach.

The likelihood of James leaving Cleveland - after a ceremonious homecoming, following an NBA Finals loss, and with his legions of local fans - was always microscopic. The optics would have been poor and it would be another move detrimental to his legacy, even if it can "speak for itself."

"LeBron's re-signing today is a reflection and continuation of his strong, personal commitment to help deliver championships to Northeast Ohio and Cavs fans everywhere," general manager David Griffin said in the announcement.

James reportedly took a wait-and-see approach to his new deal, ensuring that the Cavs made the requisite commitments to fielding a winner.

They've done that in setting themselves up for a potentially historic luxury tax bill to maintain and add to their 2014-15 core. There's still the matter of re-signing restricted free agent Tristan Thompson, a James favorite with whom he shares an agent, but James clearly bucked reports that he would wait to sign until Thompson was taken care of.

With James locked up, the Cavs will enter 2015-16 as one of a small handful of title contenders and the clear favorites in the Eastern Conference. At age 30, he remains a phenomenally talented player - the league's best - and one of the most decorated talents of this or any other generation.