LeBron James declines player option, will become a free agent

LeBron James declined the player option on his contract, becoming a free agent.

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LeBron James has declined the player option on his contract and will become a free agent on July 1, his agent Rich Paul confirmed to ESPN’s Chris Broussard.

James has already said he will return to the Cavaliers next season. As a free agent, James can take advantage of the NBA’s salary cap spike and sign a contract that gives him a bigger salary than the one that was on his option. 

The four-time MVP was scheduled to make $24 million next season. By opting out, James can sign a new contract that starts at $27.5 million with the Cavs. 

• Promise Keeper: LeBron delivers a title to Cavs | SI’s top 50 free agents

James is expected to pull a similar maneuver next summer, when the salary cap will jump to another record high.

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James was named the 2016 Finals MVP as the Cavaliers won their first championship in franchise history earlier this month.