This summer, Irving gave up the $43 million player option next season and signed a new three-year, $119 million contract with the Mavericks, of which the third year is the player option. The signing has been officially announced.
Salary website spotrac has sorted out the details of Irving's new contract, as follows:
25-26 season: 37.63 million
26-27 season: 39.67 million
27-28 season: 42.6 million(player option)