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Updated: Chris Bosh has opted out, will take a pay cut to stay with Heat

Jun 29, 2014, 9:30 AM EDT

Chris Bosh Chris Bosh

UPDATE 5:20 p.m.: Bosh has indeed opted out as expected.

9:30 a.m.: Pat Riley’s master plan to retool the Miami Heat after they were crushed by the Spurs in the NBA Finals seems to be coming together, even if it’s happening a bit more slowly than expected.

LeBron James wasted no time in opting out of the remaining two years on his deal to become an unrestricted free agent, but it’s likely he isn’t going anywhere, and only did so to gain a longer-term contract for more guaranteed dollars, and potentially take less money in the short-term in order to help the team gain flexibility to add talent to the roster.

Dwyane Wade opted out of the final two years and $42 million he was owed on Saturday, in a similar move that will allow the Heat to pay him more in total on a new deal, but less per year to gain more room to maneuver under the salary cap.

Chris Bosh hasn’t done the same just yet, but is expected to acquiesce before Monday’s deadline.

From Brian Windhorst of ESPN.com:

[Bosh's agent Henry Thomas], meanwhile, said Bosh has not decided on whether to opt out, but sources told ESPN The Magazine’s Chris Broussard that the All-Star big man will indeed follow suit and choose free agency by Monday’s midnight ET deadline. …

Bosh will head into free agency willing to accept a pay cut from the $20 million he was owed next year, sources said.

Again, this is all part of the plan — one that apparently didn’t take too much convincing.

The Heat have been to the Finals four straight years, which is every season that James, Wade and Bosh have been together in Miami. They ran into a buzz saw in San Antonio, but there’s not a ton that needs fixing here, and the team’s three stars seem to realize that.

Miami will have salary cap money to use by the time all is said and done. In addition to the three stars opting out to restructure their deals, Udonis Haslem has done the same, and the team is looking to unload $2 million more in salary by attempting to deal Norris Cole, who is somewhat expendable now that the Heat were able to trade for Shabazz Napier on draft night.

Needless to say, it’ll be extremely interesting to see how they end up spending it.

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