Dwyane Wade opts out, will be free agent; Bosh undecided

Dwyane Wade and Chris Bosh will be free agents July 1. (USATSI) More Offseason Analysis: Coaching changes, news | Free Agency | Draft | Rumors

And so it begins. The Miami Big 3 have opted out as the Heat have confirmed what the AP and ESPN reported Saturday: Dwyane Wade and Chris Bosh have both joined LeBron James in opting out of the final year of their contracts to become free agents, freeing up over $55 million in cap space for the Miami Heat. The only player they will have on roster at 12:01 a.m. July 1 is Norris Cole.

Dwyane Wade has opted out.

- Tim Reynolds (@ByTimReynolds) June 28, 2014

Source: Chris Bosh opts out of his contract . Seeking 5-year deal worth roughly $15-16 million per year

- Chris Broussard (@Chris_Broussard) June 28, 2014

AP can now confirm Bosh opted out as well.

- Tim Reynolds (@ByTimReynolds) June 28, 2014

Wade was due over $41 million over the next two years under his current deal, including $20.1 million next season. Bosh was due $42.6 million over the next two years, including $20.5 million for next year. ( Salary data courtesy of ShamSports.com.)

The move opens up the possibility of James, who opted out last week, returning to the Heat along with Wade and Bosh for lesser deals to make room to upgrade the roster and return to title favorites status after losing to the San Antonio Spurs in five games. It could also open the door to Carmelo Anthony joining them to form a big-four, but Bosh and company would have to take an even bigger discount to make room for that.

There's speculation that Wade would not have opted out of the $41 million without assurances from James, who met with Wade and Bosh Friday, that he planned to return. But that will be the question.

Either way, the Big 3 are in play now, alongside Anthony. How the chips fall will reshape the future of the league over the next two to four seasons. Get your popcorn. The circus is starting.

Pat Riley released the following statement after the news Saturday:

'Today we were notified of Dwyane's intention to opt-out of his contract and Udonis' intention to not opt into his contract, making both players free agents. Dwyane has been the cornerstone of our organization for over a decade, and we hope he remains a part of the HEAT family for life. Udonis has been the heartbeat of this team for 11 years. He has sacrificed countless times to make this organization successful, and he is the epitome of what this organization stands for. We look forward to meeting with Dwyane and Udonis and their agent in the coming days to discuss our future together.'

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