Dwyane Wade, Chris Bosh Opt Out

June 29 at 4:05pm CST By Charlie Adams

SUNDAY, 4:05pm: Pat Riley was informed today by agent Henry Thomas that Bosh is exercising his early termination option and will become an unrestricted free agent, Jeff Zillgitt of USA Today reports (Twitter link).

5:28pm: Bosh is “on the verge” of opting out, and will do so before the deadline on Monday, tweets Ira Winderman of The Sun Sentinel.

3:18pm: Bosh has not yet decided whether he’ll opt out or not, his agent tells David Aldridge of TNT (Twitter link).

SATURDAY, 2:37pm: Dwyane Wade and Chris Bosh will opt out of their current deals and enter free agency this summer, according to Tim Reynolds of The Associated Press and Chris Broussard of ESPN (Twitter links). Wade and Bosh become the latest members of Miami to opt out of their deals, following news that LeBron James and Udonis Haslem had done the same.

Wade’s decision to exercise his early termination option and pass on the final two years of his deal means that he’ll forfeit over $41.8MM in guaranteed salary. He’s unlikely to garner an offer worth a higher annual value in free agency, given his age and concerns about his health.

Bosh, who’s sacrificing a guaranteed $42.6MM, will likely be able to fetch a higher salary than Wade, and Broussard hears the big man is seeking a five-year pact worth $15-$16MM per year. Such a deal would be worth less than what Bosh would have made had he chosen not to opt out.

The duo’s motivation to sacrifice so much money is a result of their desire to make a future work with LeBron, who’s seeking a max contract, sources tell Adrian Wojnarowski of Yahoo! Sports. Although LeBron’s priority remains to find a way to make a future work with Miami, a failure by the organization toward improving their roster to his satisfaction could mean the four-time MVP leaves Miami, says Wojnarowski.

If the Heat renounce the Bird Rights of their free agents, they will have a record $55MM in cap room this summer, with only Norris Cole‘s contract guaranteed on the books next season. To no surprise, Pat Riley has already confirmed to reporters, including Jason Lieser of the Palm Beach Post, that he hopes to bring back Wade and Haslem for the 2014/15 campaign (Twitter link).

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