Cleveland, OH (Sports Network) - The Cleveland Cavaliers have exercised the third-year contract options on guard Kyrie Irving and forward/center Tristan Thompson.

Irving was the first overall pick of the 2011 draft and earned Rookie of the Year honors last season. Thompson also had a strong rookie campaign after the Cavs selected him with the fourth overall pick.

"Kyrie and Tristan exemplify what we want to be as a team and franchise, both as players and as people," said Cavaliers general manager Chris Grant. "They are dedicated, hard-working, talented individuals and we're looking forward to their continued growth and success here in Cleveland as Cavaliers."

In 51 games last season, Irving averaged 18.5 points, 5.4 assists and 3.7 rebounds, while Thompson started 25 of the 60 games he played and averaged 8.2 points with 6.5 rebounds.