The wheels are in motion for a potential reunion of the Big Three in South Beach — with the major players opting out of their contracts, thus giving the Heat the salary-cap room to keep the trio together.
Three days after LeBron James opted out of his contract and announced his intention to test the open market, Dwyane Wade did the same, informing the Heat he, too, will opt out of his contract and become a free agent.
According to reports, Chris Bosh will join James and Wade on the open market, as well as teammate Udonis Haslem.
With the four players opting out of their contracts, Miami now has a record $55 million in cap space — at least for the time being.
It is believed the players opted out to take less money to remain in Miami, but according to a Yahoo! Sports report, James is seeking a maximum contract extension — or something close to it — to remain in Miami.
The same report said James prefers to stay in Miami, unless team president Pat Riley is unable to improve the roster.
By opting out, Bosh will forgo the final two years and $43 million on his contract, and Wade will give up two years and $42.5 million Haslem had a $4.5 million player option for next season, while James opted out of the last two years and $42.7 million of his contract on Wednesday.
James, Wade, Bosh and Haslem are free to negotiate with any team starting at 12:01 a.m. Eastern time on Tuesday, when NBA free agency officially begins.
— Fred Kerber contributed to this report