Well, not quite. In a scoop from Stephen A. Smith, of all people, it appears LeBron's agents are better than you might have thought. According to Smith, LeBron is actually taking a deal that could allow him to bust out of Cleveland when/if the salary cap drops in 2011 — when he'll be 26, by the way — and still give him the chance to say he tried his best to make it work in Cleveland. Brian Windhorst at the Akron Beacon-Journal describes it thusly:
This was probably the plan all along. LeBron's wait was perhaps just a ploy to make the Cavs realize he's not hopping up and down eager to re-up it so they'll be even more willing to bend from the full max years. ... However, this deal does make LeBron look a bit greedy, thinking that $18 million in what would be the fifth year of a max extension isn't enough. But, hey, I guess you get what you can get.
By the way, how did Smith get the scoop? Why, he's "taking part in a seminar James' representatives are putting on today." That makes sense, because EVERYTHING HE SAYS IS IMPORTANT!