How quickly their bright future comes, of course, may be largely dependent on where the four-time MVP James decides to play next. Obviously, if James chooses the Cavs, the process of winning big is likely to speed up considerably.
But the Cavs seem to be going about business as usual for the time being.
"As of right now, nothing has changed from our perspective," a team source told FOX Sports Ohio. "We feel pretty good now where we stand."
Irving was the No. 1 overall pick in the 2011 NBA Draft, and averaged 20.8 points and 6.1 assists in 71 games last season. He was also named All-Star Game MVP.
"We couldn't be happier to have Kyrie firmly at the core of our Cavaliers team and family for years to come," Cavs general manager David Griffin said in a prepared statement. "He's already proven he's among the best in the NBA and we're excited to watch his continued growth and success."