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On Point: Cavaliers announce All-Star guard Kyrie Irving has signed 5-year contract extension

As they await a decision from free agent LeBron James, the Cavaliers have announced that All-Star point guard Kyrie Irving has signed his contract extension.

The Cavs reached an agreement with Irving on a five-year, $90 million extension last week in the first hours after free agency opened. Irving is now under contract with Cleveland through the 2019-20 season.

Irving averaged 20.8 points, 6.1 assists and 3.6 rebounds in 71 games last season, his third with Cleveland. The former No. 1 overall pick was also voted MVP of the NBA's All-Star game.

Cavs owner Dan Gilbert made Irving the club's top offseason priority. The Cavs hoped in locking up Irving with a long-term deal it would make them more appealing to James, who is deciding whether to re-sign with Miami or return to Cleveland.