The Cavaliers announced Saturday that the team's deal with the Minnesota Timberwolves was approved by the NBA. Love, a former UCLA star, will join All-Stars LeBron James and Kyrie Irving in what Cleveland fans hope will become the next Big Three.
The Cavaliers send the Timberwolves' their No. 1 overall pick, Andrew Wiggins, plus 2013 No. 1 overall pick Anthony Bennett. The Cavaliers also send a projected 2015 first-round draft pick to the Philadelphia 76ers as part of the three-team trade, which includes Philadelphia's Thaddeus Young being sent to Minnesota.
On Aug. 7, Minnesota and Cleveland reached an agreement in principle. The deal couldn't be made official until Saturday because draft picks aren't allowed to be traded until 30 days after signing a contract. Wiggins, a forward out of Kansas, signed his rookie deal with Cleveland on July 24.
According to Yahoo Sports, Love plans to opt out of his 2015-16 contract that would pay him $16.744 million and will re-sign with the Cavaliers next summer for five years and $120 million after becoming a free agent.
Love, 25, a three-time All-Star, made it known to the Timberwolves that he would not re-sign with them and he wanted to play for a contender after failing to make the playoffs in his six seasons with Minnesota.
Love averaged a career-high 26.1 points, 12.5 rebounds and 4.4 assists last season in Minnesota. He also shot 37.6% from three-point range, making him one of the top inside-outside threats in the NBA.