In a widely anticipated move aimed at further maximizing his earnings, Lebron James has opted out of his two-year contract with the Cleveland Cavaliers and becomes a free agent for the third time in six seasons with the NBA on July 1.
But James, arguably the NBA's best player, intends to stay with the Cavaliers, the team he led to the NBA Finals against the eventual champion Golden State Warriors in the previous season, according to various news sources quoting an unidentified person close to the negotiations. Already in the free agent market are fellow Cavaliers Kevin Love, Tristan Thompson and Iman Shumpert.
Under his two-year $42.1-million contract with the Cavaliers, James was supposed to get $21.6 million for the 2015-2016 season. But by opting out of this contract, a move called Bird rights, James is setting himself up to sign another deal with the Cavaliers which, according to ESPN, could be for a maximum of up to four years and more than $22 million for the 2015-2016 season, with the option to opt out of the contract on the second year.
He will likely be a free agent again after the 2015-2016 and 2016-2017 seasons, when the league's salary cap and maximum salaries are expected to skyrocket as the NBA signs a new television contract.
According to Business Insider, James could make $30 million more by signing a maximum contract in the summer of 2016 and $110 million more by signing a maximum contract in 2017.
With key players Kevin Love and Kylie Lowry out on injuries, James led the Cavaliers against the Warriors in a spectacular performance that stretched the Finals to six games, with averages of 35.8 points, 13.3 rebounds, 8.8 assists and nearly 46 minutes of play per game.
NBA teams are expected to begin negotiations with free agents on July 1 and sign them up to contracts on July 8.
