The only team better than the Cleveland Cavaliers in the regular season last season was the Oklahoma City Thunder. In signing their young two-way big man Chet Holmgren to a new contract, the Thunder did what the Cavaliers could not do with theirs: hold back the Rose Rule provision. The difference could decide championships.
The Cavaliers did an admirable job this offseason of navigating the realities of maintaining a contending team in the new NBA salary cap environment. The Cavs won 64 games last season and are the early betting favorite in a wide-open Eastern Conference next season, so it is absolutely fair to characterize their current roster as a contender.