Miami Heat waive Chris Bosh, announce his number will be retired

The move will create enough cap space for the Miami Heat to retain James Johnson and Dion Waiters, if they don’t sign elsewhere.

The Miami Heat have officially waived Chris Bosh, a move many expected to come this summer, clearing the remaining $52.1 million of his contract from the salary cap. The move gives the team $34 million in cap space this summer.

With the space created by the release, the Heat will turn their attention to re-signing James Johnson and Dion Waiters after missing out on Gordon Hayward.

The Heat have been expected to make this move for a long time, but needed to do it by Tuesday to give Bosh the proper 48 hours to clear waivers. This puts Miami in position to utilize the new cap space on Thursday, when the NBA’s free agency moratorium is lifted and players can officially begin signing contracts.

For Bosh to be cleared from the cap, his injury needed to be deemed career-ending by an independent physician. That happened within the past two months, according to the Miami Herald’s Barry Jackson.

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Bosh hasn’t ruled out playing again, but the Heat will be able to operate without the threat of Bosh’s cap hit down the road, as Jackson notes:

"Because of a change in the new labor agreement, Bosh would not go back on the Heat’s cap or luxury tax calculations even if he plays for another team during the next two seasons. Under the old agreement, Bosh’s cap hits would have returned to the Heat’s cap if he played 25 games with another team."

As cap expert Albert Nahmad notes, Bosh will still be paid the $52.1 million remaining salary, with $28.7 million of that being covered by insurance and the rest paid by the Heat.

In a classy move, the team also announced that Bosh’s No. 1 will be retired, never to be worn again by a Heat player.

"“Chris changed his life and basketball career when he came to Miami,” said Heat president Pat Riley. “And he changed our lives for the better, in a way we never would have imagined, when he joined the Miami Heat. We will forever be indebted to CB for how he changed this team and led us to four trips to the NBA Finals and two NBA Championships. He is, without a doubt, one of the greatest players in the history of the franchise.“The number ‘1’ will never be worn by another player and we can’t wait to someday hang his jersey in the rafters. Today, we are both moving on but we wish Chris, Adrienne and their family nothing but the best. They will forever be part of the Miami Heat family.”"

Bosh played six seasons for the Heat, averaging 18 points and 7.3 rebounds in 384 games, making the All-Star team each season.

During his time in Miami, Bosh helped the team win two NBA championships. One of his most memorable moments came in Game 6 of the 2013 NBA Finals, when he grabbed an offensive rebound and found Ray Allen peddling back for the 3-pointer that saved the Heat’s season, and eventually led to the 2013 title.

Next: Hayward passes on Heat, will sign with Celtics

This move had been a long time coming, but it’s significant nonetheless. Besides the obvious cap ramifications, Bosh was the last member of the Big Three and now that’s officially gone. More than ever, it’s officially a new era for the Heat. Finding a player of Bosh’s caliber won’t be easy.