Despite being mentioned in trade rumors at times in recent months, Donovan Mitchell is now committed to the Cleveland Cavaliers for the next few years.

Mitchell and Cleveland agreed to a new three-year, $150.3 million contract on Tuesday that includes a player option for the 2027-28 season, per ESPN's Adrian Wojnarowski.

The agreement was confirmed by Mitchell, who posted the famous "I'm not f--king leaving" clip from The Wolf of Wall Street on X:

The structure of the deal is notable because Mitchell was eligible to sign for up to four years and $207.8 million, but taking a three-year extension with a player option will allow him to potentially hit the market when he is 30 years old.

The Louisville product was previously under contract through the 2024-25 season with a $37.1 million player option for the 2025-26 campaign.

Notably, Shams Charania of The Athletic and Stadium reported in May that Cleveland had "a lot of optimism" Mitchell would re-sign on a four-year deal following the firing of head coach J.B. Bickerstaff and subsequent hiring of Kenny Atkinson.

That optimism turned out to be warranted.

Mitchell also gave something of a timeline on how he envisioned his contract decision playing out when he told reporters at media day ahead of the 2023-24 season that he would not sign the extension that year but could still do so in the future.

"I want it to be known that I still have the opportunity to sign an extension next summer," he said. "I don't think a lot of people understand that aspect."

Mitchell expressed his focus was on winning a championship and that he was "really excited about what we've got going here. We could do something special. Ultimately, when the season is over, we'll get to that."

Chris Fedor of Cleveland.com explained Mitchell was eligible for a three-year extension worth approximately $150 million during the 2023 offseason, but he could get an additional year on his contract and more money if he waited to sign until this offseason. That left little incentive to rush into an extension at the time of those comments.

President of basketball operations Koby Altman seemed to be on board with that as well.

"The conversations with him are super positive—the composition of the roster, how we want to play this year, how are you bringing your teammates along, where are we working out in the offseason," he said at the time. "I know he wants to be a part of this thing. He's going to be super excited to start this season and try to win big."

Mitchell is now a part of the Cavaliers for the foreseeable future and figures to be a driving force for them.

He wasted no time making an impact with the squad as an All-NBA second-team selection in his first season in Cleveland while averaging 28.3 points, 4.4 assists, 4.3 rebounds and 1.5 steals per game behind 48.4 percent shooting from the field and 38.6 percent shooting from deep.

The Cavaliers disappointed with a first-round exit in the playoffs, but the future still looked bright with Mitchell, Darius Garland, Evan Mobley and Jarrett Allen leading the way.

This past season, he averaged 26.6 points, 6.1 assists, 5.1 rebounds and 1.8 steals per game while shooting 46.2 percent from the floor and 36.8 percent from three-point range en route to his fifth straight All-Star nod.

Cleveland advanced to the second round of the playoffs with a first-round win over the Orlando Magic but lost in five games to the Boston Celtics. Mitchell was sidelined for the final two games of the Boston series with a calf injury.

Mitchell was also a three-time All-Star during his five seasons with the Utah Jazz and has established himself as one of the best guards in the league. He can take over games with his outside shooting and ability to attack the basket, and he will surely remain a focal point in Cleveland's offense for years to come.

Now there will also be some contract stability as he pursues the first championship of his career.