LeBron James has agreed upon a three-year, $100 million contract with the Cleveland Cavaliers.

James will be the highest paid player in the NBA for the first time in his career at $31 million. James' $33 million salary for the 17-18 season will be the highest in NBA history.

James has been on a series of one-plus-one contracts since returning to the Cavaliers in 2014.

"I just want to let y'all know I'm re-signing back with the Cleveland Cavaliers, my hometown team," James said. "I can't be more excited than this opportunity once again, man, to defend our crown, defend our title. We all know last year as a magical, inspiring -- all the words you can come up with -- it was an unbelievable season. I just can't wait to get the group back together -- the team, the franchise, more importantly, get everybody together, the fans. Without you guys, without your passion and commitment, we wouldn't have been able to do what we did this past season. I'm ecstatic. I can't wait to see my guys. I can't wait to get back out there in the wine and gold and just get the band back together. Lastly, let's get J.R. (Smith) done. It's that time."

Cleveland now has $115 million in guaranteed salary for the 16-17 season even before re-signing J.R. Smith.