Dwyane Wade and Chris Bosh will join LeBron James in the costless agent market as they both informed the Miami Heat today that they will each exercise their Early Termination Option. In addition, Udonis Haslem opted out of his player option Saturday morning.
"Today we were notified of Dwyane's intention to opt-out of his contract and Udonis' intention to not opt into his contract, making both players costless agents," Heat President Pat Riley said early Saturday. "Dwyane has been the cornerstone of our organization for over a decade, and we hope he remains a part of the Heat family for life. Udonis has been the heartbeat of this team for 11 years. He has sacrificed countless times to make this organization successful, and he is the epitome of what this organization stands for. We look forward to meeting with Dwyane and Udonis and their agent in the coming days to discuss our future together."
Chris Bosh had two-years, $43 million remaining on his contract while Dwyane Wade had two-years, $42.5 million on his. Haslem’s player option was $4.6 million for the upcoming season.
These moves give the Miami Heat the financial flexibility to add more talent to their roster this off-season. While LeBron James is expected to ask for a maximum deal, Bosh, Wade, and Haslem are expected to take less money to stay in Miami.
LeBron James could get a five-year, $130 million extension with the Heat but only a four-year, $96 million deal if he signs elsewhere.
Three days ago, the big three met at a Miami Beach hotel to discuss their future, and it seems like they have mutual interests in creating cap space. These moves will potentially add $55 million in cap space for the Heat next season.
Pat Riley’s grand plan is beginning to take shape. He wants the big three to stay together and wants to entice LeBron by reloading more talent. During Thursday night’s NBA draft, the Heat traded for LeBron’s “favorite player” in the draft, Shabazz Napier. Napier has terrific ball handling and leadership skills, which is exactly what James wants in a point guard. Riley is definitely looking out for LeBron's best interests and has ways to go in convincing the two-time finals MVP to remain in a Heat uniform.
With more cap space, the Heat are expected to also pursue Toronto Raptors’ point guard Kyle Lowry and New York Knicks' superstar Carmelo Anthony. The Heat only have one player under contract as of now, and that is Norris Cole who is set to make $2.1 million next season.
It is uncertain how much of a pay cut Wade and Bosh would take. However, according to Chris Broussard of ESPN, Chris Bosh is seeking a five-year deal worth approximately $15-16 million annually.
