Reports: Wade, Bosh to Take Massive Pay Cuts to Stay With Heat
We're not sure how a sports columnist in Portland, Oregon, managed to break big Miami Heat news, but John Canzano of the Portland Oregonian has tweeted that Dwyane Wade and Chris Bosh are prepared to re-sign with the Heat for a pretty heft pay cut. No one else is confirming it, but no one else is denying it either.
Chris Bosh 5 year deal will return to Heat, per source. Dwyane Wade will re-sign for 4 years in Miami.— John Canzano (@johncanzanobft) July 1, 2014
LeBron James wants short term (1-2 year deal) at max money contract w Heat, source close to negotiation tells me.— John Canzano (@johncanzanobft) July 1, 2014
Chris Bosh's 5-year deal with Miami expected to start at $11 million in year 1. Dwyane Wade will sign four years, $12 million in year 1— John Canzano (@johncanzanobft) July 1, 2014
ESPN's Brian Windhorst, a guy we'd usually expect to break news like this, mentioned Canzano's claims in a blog post and added his own tidbits:
Heat telling free agents they will have $12+ million to spend, indicating Wade & Bosh ready to take huge pay cuts, sources told ESPN— Brian Windhorst (@WindhorstESPN) July 1, 2014
Indeed, if LeBron James took the max, Bosh and Wade signed for $11 million and $12 million each, and Udonis Haslem returned with a smaller contract as well, that would leave about $12 million in cap space.
And is it just us, or is this pretty much a move that suggests Wade is looking in the long-term and planning to end his career as a one-team man? Wade would have made a bit more than $20 million a year over the next two years. Now he'll make $48 million over four years.
Wade would be 37 by the end of the terms of this rumored contract, and with his knees in their current state would likely be ready to retire.