CLEVELAND -- With the NBA Finals coming to an end and the Cleveland Cavaliers facing no shortage of uncertainty, Kevin Love insisted it was his preference to remain with the team he had spent the previous four seasons with.

As it turns out, he wasn't lying.

On Tuesday, the Cavs announced they have signed Love to a multiyear extension. Per ESPN's Adrian Wojnarowski and Brian Windhorst reported Love's new contract is a four-year deal worth $120 million.

Love signed his new contract at Quicken Loans Arena in front of team employees and construction workers working on the renovations of the arena.

Love's extension with the Cavs comes less than a month after LeBron James left the team to sign a four-year contract with the Los Angeles Lakers. Although many expected Cleveland to respond by entering a complete rebuild, the re-signing of Love indicates otherwise, echoing the sentiment shared by Cavs general manager Koby Altman earlier this offseason.

"First and foremost, we want to compete at the highest level," Altman said following the NBA Draft, when the Cavs selected Alabama point guard Collin Sexton with the No. 8 pick. "Winning championships is still our goal and will always be our goal."

While the Cavs may not be a championship contender as currently constructed, they do possess a number of interesting pieces to place around Love, who will serve as Cleveland's No. 1 offensive option for the first time since joining the team in 2014. In addition to Sexton, who starred in the Summer League, the Cavs could feature the likes of Cedi Osman, Larry Nance Jr. and Ante Zizic in increased roles.

But while it's currently experiencing a youth movement of sorts, Cleveland will still rely on its fair share of veterans this season, including Love's close friend Channing Frye, who re-signed with the team on a one-year deal earlier this month. The Cavs also still have several other experienced players under contract for at least one more season, including Tristan Thompson, J.R. Smith, Kyle Korver and George Hill.

The face of the franchise, however, will be Love, who is now under contract with the team through the 2022-23 season. In his first four seasons with the Cavs, Love has averaged 17.1 points and 10.0 rebounds in 271 regular season games.

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