Per Brian Windhorst of the Cleveland Plain Dealer:

According to multiple sources, Gilbert has discussed the framework of a massive contract offer to Michigan State head coach Tom Izzo. Gilbert, a Michigan State graduate, has handled the recruitment personally and Izzo is said to be mulling the chance to jump to the NBA.

The offer is said to be worth approximately $6 million annually and would be for up to five years, much larger than the industry standard for a coach without previous NBA head coaching experience. The offer might also be loaded with potential bonuses and perks including free use of one of Gilbert’s private jets.

There is no doubt that Tom Izzo is a great coach, but a lot of great college coaches have gone to the NBA only to fail miserably or suffer in mediocrity. Without assurances from LeBron that he’ll re-sign with Cleveland, I don’t see Izzo making the move. That’s just a gut feeling.

So this could be “if LeBron re-signs” deals. If LeBron leaves, Gilbert knows that he’s going to have a tough time getting a big name coach anyway, so why not have the framework of a deal in place that he can sell to LeBron?