It took slightly longer than expected, but LeBron James and the Cleveland Cavaliers came to a contract agreement early Thursday afternoon. According to Chris Broussard of ESPN, James will sign a two-year deal worth $46.97 million in total. The first year of the contract will pay $22.97 million and the second year is a player option worth $24 million.

Agent Rich Paul tells Cavs today LeBron will sign 2 yr deal with player option for 2nd year. $22.97 million 1st season, $24 mill 2nd year

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— Chris Broussard (@Chris_Broussard) July 9, 2015

We all knew James was coming back to Cleveland, but seeing the ink hit the paper will definitely relax the Cavaliers and their fans just a little.

With James’ return, the Cavaliers are far and away the favorites to repeat as Eastern Conference champions. Dan Gilbert’s team has had a busy offseason re-signing key players from last season’s run to the NBA Finals.

Tristian Thompson and Kevin Love agreed to sign long-term, lucrative contract extensions, and Iman Shumpert is set to sign a four-year, $44 million deal.

James’ decision to sign a one-year deal with a player option in year two comes as no surprise. At this point of his career, the best player in the world is not going to sign any contract that locks him in for anything more than one season. This way, the Cavaliers have to do everything they can to win the title each and every year, or James may leave and sign with a team that gives him a better shot at winning.

Seth Lassen is a writer for RantSports. ‘Like’ him on Facebook and follow him on Twitter @Seth_Lassen.