Cleveland Cavaliers' Koby Altman agrees to contract extension, new title, sources say

The time is 7:50 PM.

According to sources, Koby Altman has agreed to a contract extension and will assume a new title of president of basketball operations.

The franchise renaissance that has been engineered by Altman has shown the promise of becoming a long-term factor in the Eastern Conference. Over the last three years, the Cleveland Cavaliers have made dramatic improvement, and they have drafted two young players and traded for another who is showing All-Star potential. Kevin Love has re-emerged as a key player for the Cleveland team this season, and the trade for Ricky Rubio was a huge part of the team's renaissance.

The Chicago Bulls' Arturas Karnisovas and the Memphis Grizzlies'Zach Kleiman are considered early favorites for the league's executive of the year award.

Sources said that a new deal was completed early this week by Just of WME.

In the past three seasons, the Cavaliers have finished no higher than 13th in the Eastern Conference. J.B. Bickerstaff's contract was extended by the Cavaliers.

In July of last year, Altman was promoted to GM, a month after the NBA title. He moved from the pro personnel department to the assistant GM in Cleveland.