Heat Re-Sign Dwyane Wade

3:39pm: The deal is official, the Heat announced via press release.

“Dwyane has been the franchise cornerstone for this team since the day he arrived 11 years ago,” team president Pat Riley said in the club’s statement. “He has shown his commitment to the Heat many times over the course of his career and has always been willing to sacrifice in order to help build this team into a champion. This time is no different. I am ecstatic to have him back in the fold and I am confident that Dwyane, as always, will be leading this team as we look to contend for NBA Championships.”

1:54pm: It’s a two-year deal with player option in the final season, sources tell Tim Reynolds of The Associated Press, who expects Wade’s salary for this season to come in between $16-17MM (Twitter link).

1:08pm: Dwyane Wade is indeed set to re-sign with the Heat, reports Jeff Zillgitt of USA Today (on Twitter), confiming Wade’s Instagram post suggesting that a deal is done. There was little doubt that Miami and the Henry Thomas client would strike an agreement, and the Heat made a strong push to retain its longtime star in the hours after LeBron James returned to Cleveland.

NBA: Finals-San Antonio Spurs at Miami HeatWade opted out of the final two years and $41.819MM remaining on his deal last month in an apparent effort to squeeze more talent on the roster and convince James to re-sign, but it’s unclear just how much Wade will receive on his new contract. Brian Windhorst of ESPN.com estimated that he’d receive a salary of $15MM for the coming season.

Wade, 32, appeared in only 54 games during the regular season this year as knee injuries took a larger toll. He was still an all-around force when on the court, averaging 19.0 points, 4.7 assists and 4.5 rebounds and compiling a 22.0 PER. He was seventh in the latest edition of the Hoops Rumors Free Agent Power Rankings.

The Bulls reportedly gauged Wade’s interest in a deal that would allow him to play in his native Chicago, but he rebuffed them. Miami has become in many ways a second home for the perennial All-Star who’s played only for the Heat during his 11-year NBA career.

Photo courtesy of USA Today Sports Images.

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