Eric P. Mull-US PRESSWIRE
Irving was named NBA Rookie of the Year for the 2011-12 season while Thompson earned All-Rookie Second Team honors.
The Cleveland Cavaliers have exercised their option to pick up the third-year options on the contracts of both Kyrie Irving and Tristan Thompson, the team's general manager, Chris Grant, announced on Friday.
"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."
Irving and Thompson, selected with the first and fourth selections overall in the 2011 NBA Draft, each saw significant time with the team during their rookie seasons. Irving started 51 games for the Cavs and earned NBA Rookie of the Year honors after averaging 18.5 points, 5.4 assists and 3.7 rebounds per game. Thompson started in 25 games and appeared in 60, earning All-Rookie Second Team honors after averaging 8.2 points and 6.5 rebounds per game.
The Cavaliers did not qualify for the playoffs after finishing with a 21-45 record, the worst of the teams in the Eastern Conference's Central Division. The 2012-13 season for the team will begin with a home game against the Washington Wizards on Oct. 30.