LeBron James confirmed on Wednesday he plans to re-sign with the Cleveland Cavaliers.

James will not pick his player option for next season at $24 million and will again sign a one-year deal. James plans to wait until 2017 when the salary cap will be even higher and a potential new CBA will enable him to sign one of the largest deals in sports history.

The most the Cavaliers can offer because they don't have salary cap space and also don't have his full Bird rights is $27.5 million.

There are more than 20 teams that can pay James $30.8 million for next season. The cap is jumping so significantly that the max contract parameters exceed the 20 percent raise the Cavs can offer James. There has never been a situation like this before in the history of the NBA.