LeBron James opts out of contract with Miami Heat, becomes unrestricted free agent

LeBron James

Carmelo Anthony opting out of the final year in his contract with the New York Knicks came as no surprise. But a day after Anthony informed the Knicks franchise of his decision, four-time NBA league MVP LeBron James has followed suit via his agent Richie Paul, who informed the Heat franchise that he too would be opting out of his contract.

James exercising the final year player option of early termination in his contract does not prevent him from returning to the Heat; it just allows him to test free agency this summer, the way he had previously in the 2010 off-season when he brought his talents to South Beach.The remaining duo of the Big 3 – Chris Bosh and Dwyane Wade – also have an option to opt out of their contract, but have not made a decision known yet.

James’ move comes as the biggest news so far in the off-season and it has suddenly made the summer an interesting one given the players at stake in the free agency market.

However, as much as this news might excite other teams, not many stand a chance as strong as James’ current team – the Miami Heat. James opting out gives the Heat a chance to retool his contract with all the financial flexibility they have. For all you know, James might re-sign with the Heat for a lesser sum once he is allowed to negotiate with teams post July 1st.

The move not only gives the Heat a chance to retool, it also gives James a chance to ascertain the attitude of the franchise and whether or not they are committed to building a new roster around him. After all, with the current fatigued roster, he is going to be in a situation no different from his Cleveland Cavaliers days.

Ray Allen is 39, Shane Battier has retired, Chris Bosh has been hot and cold during the post-season and Dwyane Wade is way past his prime. So unless Pat Riley can present an efficient plan that owner Micky Arison can commit to, we could be looking at James in another jersey for the remainder of his career.