Love, 29, was set to make $24.1 million in 2018 and had a $25.5 million player option in 2019. The five-time All-Star will now make $145 million over his final five seasons under contract.
Love averaged 17.6 points, 9.3 rebounds and 1.7 assists in 59 games last season for the Cavaliers. He is entering his 11th NBA season.
Love and Cavaliers general manager Koby Altman met with the media to announce the deal Tuesday in Independence, Ohio.
"When I got traded here a few years back, we had an idea of what was Cleveland Cavaliers basketball," Love told reporters. "We got a little bit spoiled. With four years in a row of the finals. But now we get to build this thing again."
Secure the 💼!!! Congrats brother @kevinlove. Nobu Malibu or Wally’s on you!!! 🤷🏾♂️ 💰 💰 💰 💰 💰— LeBron James (@KingJames) July 24, 2018
Love said he feels like things are going to head in the right direction and that he hopes the team overachieves.
"This a big moment in our franchise's history," Altman said. "Kevin committing to our franchise long term and being a part of this new chapter, this evolution of a team I'm really excited about."