Biography & Early Wealth Journey

That time could come as soon as July 7, when Mitchell is eligible for a contract extension. The 29-year-old has one year remaining on his current contract worth $50.1 million. He's also got a player option for $53.8 million during the 2027-28 season.

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To his credit, Mitchell has also expressed a desire to stay in Cleveland. If Mitchell were to re-sign with the Cavs this summer, they could offer a deal worth up to $272 million over four years. While a contract north of a quarter-billion dollars is mighty tempting, being patient might be Mitchell's best move.

Primary Income Streams & Multi-Million Contracts

Next season will be Mitchell's 10th in the NBA. Once a player hits ten years, they're eligible for an even larger supermax extension if they've achieved All-NBA honors (which Mitchell has done). So, instead of four years and $272 million, Mitchell could get a five-year, $350 million contract instead.

On an average annual value basis, it's only a modest raise between the two. Mitchell would make $68 million per year on the first deal and $70 million on the second one. But that extra year of security would be huge, especially as he enters his mid-30s.

Waiting could also wind up backfiring. Suppose Mitchell plays next season and has a down year, or even worse, experiences a significant injury. That could limit the offers he receives. Additionally, he has to want to play for the Cavs—that's the only way he can ink the highest supermax deal. If he waits a year, and the Cavs make some moves that he doesn't agree with, he might look to head to another team, even though it would cost him financially.

Mitchell doesn't have to make up his mind immediately, and the Cavs don't have to offer him a deal until next year. But it's going to be a mighty interesting summer in Cleveland as the two sides mull their decisions.

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