Cavaliers, Larry Nance Jr. share interest in contract extension; Rodney Hood due qualifying offer June 29

CLEVELAND, Ohio — The $1.3 billion question facing the Cavaliers this offseason is of course what happens with LeBron James?Everyone knows James can be a free agent this summer. Some of you may remember he has until June 29th to let the Cavs know if he’ll pick up the $35.6 million option on his contract for next season. If he doesn’t, he can still come back, and with as much as a five-year, roughly $209 million deal to boot.If he leaves, well, the Cavs’ franchise (worth north of $1.3 billion, according to Forbes, with an increase in worth of 10 percent over last year), stands to take a hit.There are a bunch of trade questions related to James, too, depending on what he does and which direction the organization wants to go from there. Because the Cavs will be over the $101 million cap, even if James walks, they can’t make a splash in free agency.But there are at least two decisions to make with players currently on their roster that are not related to trades and probably only tangentially related to James, and one must come by June 29.On that date is when Cleveland must offer Rodney Hood a qualifying offer of $3.4 million to make him a restricted free agent, which means the Cavs could match any offer sheet Hood receives from another team.Starting July 1, the Cavs can negotiate with Larry Nance Jr. on a lucrative contract extension, because he is entering the final year of his rookie contract (and is due about $2.3 million next season).Multiple league sources told there is “a ton” of interest on both sides to discuss an extension for Nance, who is 25 and is the son of former Cavs great Larry Nance Sr. Nance Jr. grew up here, went to Revere High School, and the Cavs traded a No. 1 pick to acquire him and Jordan Clarkson.The Cavs have expressed to Nance that they view him as a foundational piece, sources said. Nance, who is 6-9 and the runner-up in the 2018 Slam Dunk Contest, averaged 8.9 points and 7.0 rebounds for Cleveland after he was traded by the Lakers Feb. 8. He gave the Cavs 4.8 points and 4.5 boards in his first playoff run as he floated in and out of the rotation.