Cleveland Cavaliers restricted free agent Iman Shumpert will remain with the team after agreeing to a new four-year, $40 million contract on Wednesday that features a player option in the final season.
Adrian Wojnarowski of Yahoo Sports reported the contract details and the option Shumpert has to opt out after three years. Ken Berger of CBSSports.com confirmed the news of Shumpert's re-signing.
Shumpert arrived in a midseason trade from the New York Knicks along with J.R. Smith and helped turn Cleveland into a legitimate contender. After a 19-20 start, the Cavs went on a tear and advanced to the NBA Finals only to lose to the Golden State Warriors in six games.