After rumors indicating it was likely, Chris Bosh opts out of the final two years and over $42 million left on his Heat contract, according to the Associated Press.

Bosh joins fellow "Big 3" members LeBron James and Dwyane Wade in exercising their early-termination clauses.  Udonis Haslem also opted out of the remaining one year and $4.62 million of his deal.

All players had until the start of free agency Tuesday to make their decisions.  There is hope that the players will restructure their deals and stay in Miami. 

The Heat now have an NBA record $55 million in salary cap space. 

Team President Pat Riley released the following statement on Bosh:

“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.”