Sometime before July, Boozer — formally named last Thursday to the U.S. Olympic Team competing in next month's Summer Games at Athens, Greece — and his representative went to Cavs general manager Jim Paxson and owner Gordon Gund.

ESPNInsider.com's Chad Ford: "Boozer was set to make the minimum and, according to sources, had his agent, Rob Pelinka, approach the Cavs with a proposal: Don't pick up the option, and in return Boozer would re-sign with the Cavs for the mid-level exception."

SI.com's Ian Thomsen: "Boozer was apparently worried about his long-term financial future. That's why he asked the Cavaliers to cancel their option for next season … Boozer promised (according to sources — and common sense) that he would then re-sign with the Cavaliers for as much as $41 million over six years, the maximum they could offer a free agent with fewer than three years experience under their salary-cap constraints."

Boozer would benefit because he'd make much more money next season, and his security gets guaranteed.

The Cavs would benefit because they'd get Boozer at a cut rate compared to what they might have to pay (about $85 million over six seasons) if he did not become a restricted free agent until next summer.

The calculated risk on Cleveland's part was assuming Boozer would not entertain offers from elsewhere.

The Associated Press: "Gund and Paxson only granted the limited free agency because they were given assurances in face-to-face meetings with Boozer and … Pelinka that Boozer was happy in Cleveland and intended to stay."

Boozer backers suggest the Cavs may have offered more than mid-level money, but Pelinka — who also represents Los Angeles Lakers star Kobe Bryant — has not returned calls for comment.

Exactly what was said is not known and may never be. But the picture is becoming somewhat clearer.

Sports Illustrated's Thomsen: "According to a source who was in the room at the time the verbal deal was struck, Boozer told Gund, 'If you respect me by not picking up the option, I'll show trust and loyalty to you by signing with you.'"

Aaron Goodwin, agent for NBA 2004 Rookie of the Year LeBron James of the Cavs, echoed that notion.

"It's unfortunate because Carlos gave them his word and the Cavaliers gave him their trust," Goodwin told AP. "They were just trying to do something good for the team."

Even James, apparently, was in on the plan.