The decision is in. LeBron James is going to the Miami Heat.

UPDATE at 10:07 ET: Time for the signoff, and a happy ending from LeBron. He reminds the audience that all the proceeds from the sponsorship spots that were sold for tonight's show will go to the Boy's and Girls' Clubs of Cleveland, Akron, Miami, Chicago, New York and Miami. Says LeBron: "This is an unbelievable venture for myself . . . This is great, also for the kids. The kids are our future . . . One day I might have another LeBron, maybe." The University of Phoenix also says it's good for a $500,000 donation and five scholarships.

UPDATE at 10:03 ET: LeBron, says this has been in the works for awhile, and that playing on the Olympic team with Dwyane Wade and Chris Bosh played a big role. "I think it was something in the making . . . The fact we all signed the same deal a few years ago (and became free agents at the same time). Now, it's like a dream come true . . . I think the friendship has been there from day one."

UPDATE at 9:58 ET: LeBron, on the fact Mario Chalmers is wearing his No. 6 already for the Heat: "I think I'll give Mario a call and see if we can work something out."

UPDATE at 9:52 ET: ESPN goes to commercial, but with this tease -- that there's another announcement coming from LeBron before the show ends.

UPDATE at 9:51 ET: LeBron, on his reaction to Michael Wilbon telling him that some people in Cleveland already are burning his jersey: "I can't get involved in that. One thing I didn't want to do was make an emotional decision. I wanted to do what was best for Lebron James and make him happy . . . This is a business and I had seven great years in Cleveland and hopefully the fans will understand, but maybe they won't."

UPDATE at 9:48 ET: LeBron, on his expectations for the coming season: "What do I expect? I expect to win. I expect us to get better every day . . . At the end of the day all our minds are winning an NBA championship."

UPDATE at 9:46 ET: LeBron on the terms of the contract: "The numbers are not finalized ... All three of us are going to take less money, because we wanted to play alongside each other . . . It's not about getting the max deal. If it was I would have stayed in Cleveland."

UPDATE at 9:43 ET: LeBron on meeting with Pat Riley: "He's great . . . Pat has been there. He's coached a winning championship multiple times . . . He understands what it takes to coach a championship team and he's going to do everything it takes to make we sure we compete for a championship, for multiple years."

UPDATE at 9:40 ET: LeBron, on what it will be like to go back to Cleveland and play there: "I know we're going to have to go back there twice a year and hopefully the fans will be respectful, but I don't expect them to be . . . It's a lot of mixed emotions, because of what I was able to build there from being a 17-year-old kid to being a 25-year-old man."

UPDATE at 9:36 ET: Instant analysis time.

The Decision is in and the winner of the LeBron James sweepstakes, as was rumored all day long, is the Miami Heat. (Which means Cleveland got KO'd, and the Knicks, Nets, Bulls and Clippers took a TKO.)

LeBron, Dwyane Wade and Chris Bosh become the NBA's newest Big Three. They don't have a big man of note to patrol the paint, but they have an abundance of All-Star talent. They also have three members of the USA's gold medal-winning team from the 2008 Beijing Olympics, and the guys who were the No. 1, No. 4 and No. 5 picks in the 203 NBA draft.

This ends LeBron's free agent drama, but sets in motion a whole new set of questions. Among them:

After all this buildup and hype, isn't it incumbent upon LeBron to get his first NBA championship ring next season? If the Heat don't win the title, LeBron becomes the biggest name in sport to have never won the big one.

Will Miami put out the welcome mat for walk-ons? With three superstars getting hefty salaries, will Pat Riley have enough cash left over to fill out a roster that can go the distance?

Speaking of Riley, will he leave the front office and head back to the bench to coach? That will be the speculation if this Heat team slumps ever so slightly at any point during the season. Current coach Erik Spoelstra is going to be looking over his shoulder all season long. Especially so with what happened to Stan Van Gundy when he "resigned" in 2005 and made way for Riley to return and coach the Heat to the 2006 NBA title.

And is Miami now really the favorite next season? Is the Heat better than the Lakers team that just won a repeat title and has Phil Jackson coaching and Kobe Bryant scoring at will? As good as the LeBron-Wade-Bosh troika looks, can it handle Pau Gasol in the lane and withstand the defense of Ron Artest in a Finals showdown? Well, we guess that's what the 2010-11 season will be all about.

UPDATE at 9:31: LeBron, explaining leaving Cleveland: "This is tough. You feel like you let a lot of people down."

Also: "I never wanted to leave Cleveland, and my heart will always be in that area."

He also said it's not so much about leaving, but rather, "It's about joining forces with the other two guys. (Dwyane Wade and Chris Bosh.) In a perfect world I would have like to stay."

UPDATE at 9:28 ET: LeBron is going to the Miami Heat. Said LeBron: "I'm going to take my talents to South Beach and I'm going to the Miami Heat. I feel like this is going to be the best opportunity to win, and not just this season, but in multiple years."

UPDATE at 9:25 ET: LeBron says he didn't decide until today, and that a conversation with his mother played a major part. But still hasn't said who.

UPDATE at 9:19 ET: Another commercial break, but LeBron is in a chair on stage, opposite Jim Gray. And Stuart Scott did just promise we will know the decision in "just a few minutes." Hang in. It's almost over. We think.

UPDATE at 9:17 ET: Moooo. They are milking this cow. Running clips of LeBron talking about how "this is a business." The ESPN crew keeps taking a vote, and everyone is expecting Miami. Unanimous for the Heat.

UPDATE at 9:12 ET: So much for LeBron giving the word early on. We're on commercial break, and have yet to hear a word from LeBron.

UPDATE at 9:07 ET: LeBron is in place on stage, but so far the show has only had hype and highlight clips from the ESPN crew.

UPDATE at 8:54 ET: LeBron has arrived at the Boy's and Girl's Club in Greenwich, Conn., so everything appears on schedule.

Here's what else we know so far:

Extra police are on duty at LeBron's Cleveland-area home, just in case Cavalier fans don't take the news well.

If LeBron bails on Cleveland, there are going to be some ugly comparisons to Art Modell.

The New York Knicks seem to have given up hope on landing LeBron.

Us Magazine says LeBron has set up a weekend celebration in Miami.

Already in line to share LeBron's millions is a man who has filed a lawsuit, claiming to be his father.

It's never too late to cast a vote on how you feel about LeBron's choices.

Just for the heck of it, Dan Patrick thinks this event provides an excellent opportunity for a drinking game. Here are the rules.