Speaking to the media Saturday morning at his basketball camp, Irving said of his new contract, "It was a huge monkey off my back. All the speculation, all the B.S. that was written, I'm glad I got it out of the way," according to Jason Lloyd of the Akron Beacon Journal.
The extension, which came after months of speculation that Irving was unhappy in Cleveland, is worth $90 million and begins in the 2015-16 season, running through 2019-20.
Irving, 22, averaged a team-high 20.8 points and 6.1 assists last season as the Cavaliers won 33 games and missed the playoffs.
Drafted No. 1 overall in 2011, Irving was named Rookie of the Year in 2012 and earned consecutive All-Star appearances in 2013 and 2014. He was named All-Star MVP in 2014.