Report: LeBron James agrees to 2-year, $47M deal with Cavaliers

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The third spin through free agency for LeBron James was far less exciting than the first two.

James has agreed to a two-year, $47-million deal to remain with the Cleveland Cavaliers, according to Chris Broussard and Brian Windhorst of ESPN.

No television special. No Sports Illustrated essay. No change of address. Just a simple re-signing at his maximum allowable salary.

While the contract is technically for two years, the second season is a player option that James will almost surely decline, barring catastrophic injury. James signed a similar deal last summer, with the player option standing as injury insurance and the flexibility of an opt-out affording James the opportunity to maximize his earnings when the salary cap rises in 2016.

Given how the cap is expected to rise in 2017, signing a similar deal after opting out next summer will represent his best way to maximize his earnings. Using current cap estimates for the next two seasons, here's a look at why James would approach his contracts in this way:

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 another move detrimental to his legacy, even if it can "speak for itself."

Instead, 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 and more, re-signing Kevin Love and Iman Shumpert, adding Mo Williams, and shopping Brendan Haywood's non-guaranteed contract for another roster player.

They're also still expected to re-sign restricted free agent Tristan Thompson, who shares an agent with James. Thompson and the Cavs hit a snag in negotiations and reports suggested that James could wait out a Thompson deal before committing, but that doesn't appear to be the case.

Cleveland is set for a potentially historic luxury tax bill, but retaining James is worth every penny and stands to make them one of a small handful of title favorites.

Even at age 30, James was phenomenal in 2014-15, particularly in the playoffs and into the NBA Finals despite a ridiculous workload. He averaged 25.3 points, six rebounds, 7.4 assists, and 1.6 steals in 69 regular-season games and pushed those numbers to 30.1, 11.3, 8.5, and 1.7 over 20 Herculean playoff outings.

As far as accolades, he's made 11 All-Star teams, won four MVPs, two championships, two NBA Finals MVPs, two All-Star Game MVPs, made nine All-NBA first teams, and five NBA All-Defensive first teams.

He also won Rookie of the Year, has led the league in scoring, won two Olympic gold medals, and ranks 20th in all-time league scoring. His career-long assault on the record books will continue in Cleveland, and there's a good chance his Cavaliers will be in the mix for the city's first major sports championship since 1964, again.