Miami Heat, Chris Bosh Formally Cut Ties

The Miami Heat has officially parted ways with Chris Bosh, ending a nearly three-year saga that hindered his career due to blood-clot issues.

In June, Bosh, the National Basketball Players Association and the NBA agreed on a deal to permanently remove Bosh from the Heat's salary cap while allowing him the option of someday returning. 

Under the rules, had Bosh been able to return, the Heat could've seen Bosh's salary returned to their books.

The deal was worked out because Bosh was caught in the middle of two collective bargaining agreements, and all sides wanted the parties not to be penalized over changing rules. 

Bosh will become a free agent but would have to be cleared to play by a team doctor.

The remaining $52 million on Bosh's Heat contract will be cleared over the next two years, and the team's salary-cap space will become about $37 million. This is vital as the Heat looks to sign free agents when the league's moratorium period ends at the end of the week.

About $29 million of the remaining contract amount will be paid by an insurance policy and the rest by the Heat. 

Bosh signed a five-year, $118 million contract with the Heat in 2014 and will have earned more than $230 million in his career by the time all of the money owed to him is paid out by 2022.

LeBron James,  Bosh's teammate in Miami for four years, took to Twitter to acknowledge the end of Bosh's run with the Heat.

The Heat has also been tweeting a montage of images and videos, in honor of the NBA star.

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