CLEVELAND -- The Cavaliers didn't wait. They announced Kyrie Irving's contract extension the moment they were allowed.

Irving signed his new five-year, $90 million contract extension, a deal that will keep him in a wine-and-gold uniform until 2020.

Kyrie Irving, the All-Star Game MVP, averaged 20.8 points, 6.1 assists and 3.6 rebounds for the Cavaliers last season. Sam Forencich/Getty Images

The Cavs reached an agreement with Irving on the extension in the first hours after free agency opened last week. They weren't permitted to confirm the deal publicly until Thursday, when the league's moratorium ended.

The move to extend Irving continued what has been a memorable summer. The team hired new coach David Blatt, selected forward Andrew Wiggins with the No. 1 overall draft pick and then locked up Irving.

On Wednesday, they traded three players -- guard Jarrett Jack, center Tyler Zeller and swingman Sergey Karasev -- to open salary-cap space so they can offer LeBron James a maximum contract. On Friday, James told SI.com that he is leaving the Miami Heat to re-sign with the Cavaliers, the team he played with in his first seven seasons as a pro.

"We are excited that Kyrie has officially committed to be here long term with the Cleveland Cavaliers," owner Dan Gilbert said in a release. "The future has never been brighter as we are building the team and franchise for sustainable success. Kyrie is obviously a very big piece of our plan."

Irving averaged 20.8 points, 6.1 assists and 3.6 rebounds in 71 games last season, his third with Cleveland. The former No. 1 overall pick was also voted MVP of the NBA's All-Star Game.

Gilbert made Irving the club's top offseason priority. The Cavs hoped getting him signed to a long-term deal would make them more appealing to James.