Cavs rumors present fans of the team with some great news on Tuesday (July 24). Kevin Love has signed a contract extension with the Cleveland Cavaliers, keeping him with the team for many years to come. This is a huge deal for the Cavs, especially after losing LeBron James to the Los Angeles Lakers [VIDEO] in free agency. Now, the Cavs have a cornerstone player to continue building around for the 2018-19 NBA season and beyond.

Love signs extension

A report by NBA.com states that the Cleveland Cavaliers have signed Kevin Love to a four-year, $120 million extension. The team made the official announcement on July 24, with Love in attendance at Quicken Loans Arena to make the assigning official.

The news was first reported by ESPN's Adrian Wojnarowski and Brian Windhorst, which probably comes as a huge moment of relief to Cavs fans who had feared that the team would lose Love during the NBA offseason.

Cleveland Cavaliers general manager Koby Altman spoke about Love and how this affects the team. "We are very excited to announce Kevin’s long-term commitment to the Cavaliers and Cleveland. This quickly became a partnership the second we began these discussions. Collaboration and winning matter greatly to Kevin and that was reflected in this extension."

Kevin Love responded with his own accolades for the organization, as reported by NBA.com. "When I first came to Cleveland, I came with a long-term mindset,” Love said. “I came here to win. We developed a culture here that reflects that.

I’m super excited and I couldn’t be happier."

The future for Kevin Love and the Cavs

There had been some prior rumors about Kevin Love [VIDEO], including the potential that he could get traded as the franchise tried to rebuild. Instead, he has re-upped with the franchise, showing his dedication to the Cavs after finding success with the team. It probably didn't hurt that he got a nice pay raise by re-signing with his current team as well. Now, Love becomes one of the highest-paid players in the NBA, with a nice reward added on for being loyal to the Cavs.

It's never easy for a team to lose its best player, so there are going to be a lot of growing pains as the Cleveland Cavaliers try to recover from losing LeBron James for the second time. Rookie Collin Sexton, Jordan Clarkson, George Hill, Rodney Hood, and Tristan Thompson will be asked to do more during the 2018-19 NBA season. Kevin Love, though, is going to be in the middle of that spotlight, as the team tries to make it back to the postseason.