NBA: LeBron James Terminates Contract With Miami Heat

Credit: Brendan Maloney-USA TODAY Sports

After falling 4-1 to the San Antonio Spurs in the Finals and watching their Championship streak at end two, LeBron James had to decide whether or not he would terminate the final two years of his contract with the Miami Heat.

Reports have come surface this morning that James has decided to hit free agency.

By terminating his contract, he is forgoing around $42 million over the two seasons.

Despite opting out, it seems likely at this point that James will continue his career in a Heat uniform.  Though the Houston Rockets, Los Angeles Clippers, and Cleveland Cavaliers (if not every team) have been linked with interested already.

James, 29, averaged 27.1 points, 6.9 rebounds, and 6.2 assists this season for the Heat, while also making the All-NBA first team and second team All-Defense.

The four-time MVP holds career averages of 27.5 points, 7.2 rebounds, and 6.9 assists.

Teammates Chris Bosh and Dwyane Wade also have the opportunity to terminate the final year of their deals. No information on their intentions have been revealed yet.

A couple days ago, Carmelo Anthony finalized his intentions to test free agency.

Teams can begin talking to free agents July 1st, but can’t officially sign contracts till the 8th.