Wade won't formally address option clause prior to free agency

By Ira Winderman South Florida Sun Sentinel

4:44 p.m. EDT, June 27, 2010

At 11:59 p.m. Wednesday, Dwyane Wade will still be an under-contract member of the Miami Heat. A minute later, he will become one of the most prized possessions in NBA free agency.

The dramatic shift will happen without a single word from Wade or his representation.

While Wade holds a $17.1 million option for next season on his current Heat contract, it is an "opt-in" clause that must be invoked by June 30.

That means, by doing nothing, the All-Star guard becomes a free agent on July 1. There is no need to inform the Heat that he is opting out. There will be no formal announcement.

"There is nothing to say," agent Henry Thomas said. "He does not have to exercise his option."

Instead, Wade will exercise a pay cut.

Under the arcane rules of the salary cap, Wade will have to take a pay cut to $16.6 million next season as the starting point of a contract that would max out at $125 million over six years.

While Wade could opt in and retain his $17.1 million salary for next season, the collective-bargaining agreement only allows for a four-year extension, which would effectively otherwise leave him with a five-year, $104 million deal starting next season.

With the July 1 start of the free-agency negotiating period only days away, and with LeBron James already establishing an interview process on his home turf in Ohio, talk of a summit of prime free agents proved to be just that.

There have, however, been more intimate encounters. Wade dined earlier this month with Bosh in Los Angeles and on his Twitter account, Phoenix Suns impending free agent power forward Amare Stoudemire said he spent time over the weekend with Wade in Chicago, noting, "It was great to see my hommie."

While Stoudemire still has time to negotiate an extension with the Suns, he already is taking suggestions on his Twitter account, posting, "We are talking free agency. What should we do? This is going to be a great summer. I'll keep you posted."

ESPN is reporting that Wade has agreed to make a recruiting visit to the New York Knicks, which, like the Heat, has enough salary-cap space to sign at least two prime free agents. The network reports the Knicks first will meet with Atlanta Hawks guard Joe Johnson at the midnight start of the process, then with Stoudemire a few hours later, with both of those meetings on the West Coast, before meeting 1 p.m. Thursday with James.

Teams are not allowed to publicly comment on such itineraries, since even setting up such meetings in advance violates the NBA's tampering rules.

Heat envy

With his team reportedly first on LeBron James' interview list, New Jersey Nets President Rod Thorn said it is only natural to be concerned about the strength of the Heat and Chicago Bulls in free agency, after those teams cleared additional salary-cap space on draft night.

"I'd like to be in the same position," Thorn told the Newark Star-Ledger.

"The others have committed themselves to be able to sign two max-out free agents. And in Miami's case, they can probably get three if you want to include Dwyane Wade. Chicago and Miami have put themselves in a very strong position."

Ira Winderman can be reached at iwinderman@SunSentinel.com.