Despite much noise to the contrary, Kyrie Irving and the Cavaliers agreed to the five-year maximum extension on the first day of free agency.

After much speculation, Kyrie Irving has indeed agreed to sign a five-year maximum extension to stay with the Cleveland Cavaliers, according to owner Dan Gilbert and Irving himself.

The value of the extension is expected to be around $90 million and could grow even more if Irving meets criteria from the Derrick Rose rule, according to Yahoo! Sports' Adrian Wojnarowski.

The contract itself will kick in starting in the 2015-16 season, and the exact figure will depend on the level of that year's salary cap. On his own, Irving will make 25 percent of the cap. Based on the Rose rule, that number will grow to 30 percent of the cap if he is an All-Star starter next year for the second time or if he wins MVP.