Chris Bosh has officially opted out of his contract with the Miami Heat, following in the..."/> Chris Bosh has officially opted out of his contract with the Miami Heat, following in the..."/>

Pat Riley’s statement on Chris Bosh opting out

Nov 20, 2013; Orlando, FL, USA; Miami Heat center Chris Bosh (1) against the Orlando Magic during the second quarter at Amway Center. Mandatory Credit: Kim Klement-USA TODAY Sports
Nov 20, 2013; Orlando, FL, USA; Miami Heat center Chris Bosh (1) against the Orlando Magic during the second quarter at Amway Center. Mandatory Credit: Kim Klement-USA TODAY Sports /
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After weeks of speculation, Chris Bosh has officially opted out of his contract with the Miami Heat, following in the footsteps of fellow All-Star teammates LeBron James and Dwyane Wade, who opted out earlier in the week.

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The news should comes as no surprise, however, as it was essentially set in stone that both Wade and Bosh would opt out of their contracts once LeBron did. Although all three of the men have opted out, there is still optimism in Miami that the Big Three will return in pursuit of their fifth straight NBA Finals appearance.

Heat President, Pat Riley, recently made an official statement on Instagram regarding Bosh opting out of his contract:

"Today we were notified of Chris’ intentions to opt-out of his contract. Chris is one of the most versatile and dynamic big men in this league, and he has been an instrumental key to our championship success over the last four seasons. We look forward to meeting with Chris and his agent in the coming days to discuss keeping him in Miami for many years to come."

According to reports, all three men have begun discussing new contracts with each other under the Heat banner. The Heat also helped their cause when they traded for UConn guard and two-time NCAA champion Shabazz Napier during the draft earlier this week, much to the delight of LeBron James.

If the Heat hope to re-acquire the Big Three, there is still a lot of work to do. LeBron James is reportedly still ‘up in the air’ with his decision, which will likely have a huge impact on both Bosh and Wade’s decisions.