Dwyane Wade opts out of contract with Miami Heat

It was expected and now it’s official. Dwyane Wade has opted out of the contract he signed with the Miami Heat in 2010 and is set to become an unrestricted free agent this summer, according to Tim Reynolds of the AP.

However, Heat fans should not fear at all about losing their favorite son. In fact, on the heels of LeBron James and Udonis Haslem also opting out of their contracts, this is great news for Miami.

Wade’s opt out means that James, Wade, Haslem and presumably Chris Bosh are almost certainly working in concert this summer, with the goal of re-singing with Miami on a contract that has a lesser annual salary and, in turn, freeing up cap space to add more pieces to the team.

Wade’s previous contract would have paid him $41 million over the next two seasons. If/when he re-signs with the Heat, his contract will likely be around $12 million annually.

The next domino to fall with the Heat will be Bosh, who Bleacher Report’s Ethan J. Skolnick  reports is expected to opt out this weekend.

Unrestricted free agents can not sign with a team until July 1, so the Heat players still have some time to ponder their options. But make no mistake: the likelihood that the Big 3 remain in Miami has never been greater than it is right now.