6:50 Update: After an earlier miscommunication, Chris Bosh's agent Henry Thomas tells the Associated Press that his client has not decided to opt out yet.

Per several reports, Dwyane Wade and Chris Bosh are the latest Miami Heat players to opt out of their contracts.  Both forgo the final 2 years and roughly $42 million on their deals to become free agents.

Udonis Haslem also opted out of his contract today, which had one year at $4.62 million remaining.  LeBron James became the first Heat player to exercise the early-termination clause earlier this week. 

All the players had until the start of NBA free agency on Tuesday to make their decisions. The moves are reported to be part of an ongoing effort to resign everyone on longer deals for less money. 

The salary cap flexibility would then allow the Heat to add more talent to the roster. With all the moves, Miami is now $55 million under the cap. 

After the news regarding Haslem and Wade broke, Heat President Pat Riley released this statement:

“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.”


Mike Ehrmann / 2014 Getty Images