As expected, Dwyane Wade has opted out of his current contract with the Miami Heat and will join LeBron James in free agency, according to the Associated Press.
Dwyane Wade has opted out.
— Tim Reynolds (@ByTimReynolds) June 28, 2014
The move comes after a Bleacher Report report that Udonis Haslem opted out of his final year worth $4.6 million.
Haslem, Wade and Chris Bosh all share similar representation. Teams can start negotiating with players on July 1 but cannot officially sign until July 10. James was the first to opt out of his deal.
The idea here is that the Big Three will opt out and re-sign for less money per year in order to create more immediate cap flexibility. Bosh hasn’t opted out yet, but is expected to do so in the coming days. When he does, the Heat will have a record amount of cap room.
Chris Bosh plans opt out of contract, source tells ESPN. Dwyane Wade & Udonis Haslem also out per reports. Heat have record 55M cap space
— Brian Windhorst (@WindhorstESPN) June 28, 2014
That cap room gives Heat President Pat Riley a lot of flexibility in recreating this roster, but his first job will be to keep Wade and the rest of the Big Three in Miami for a few more championship runs.