LeBron James, Chris Bosh, Dwyane Wade and Udonis Haslem have all opted out of their contracts for the 14-15 season with the Miami Heat, which will create an NBA-record $55 million in available cap space.

The cap space doesn't technically become available until the players are re-signed, or have their Bird Rights renounced.

Wade will opt out of two years and $41.8 million, Bosh will opt out of two years and $42.6 million and Haslem will not exercise his player option of $4.6 million.

Henry Thomas represents all three players. Thomas later said on Saturday, however, that a final decision had not yet been reached by Bosh.

Bosh will head into free agency willing to accept a pay cut from the $20 million he was owed next year, sources said. Haslem is looking for a multiyear deal that will assure him more guaranteed money than what he originally was owed, though he's also willing to a pay cut.

The flurry of opt-outs to create cap room also makes the Heat eligible to use the $2.5 million room exception in a separate deal to add a role player.

Wade and Bosh decided to opt out after meeting with James on Wednesday.

The trio have collaborated on their contracts dating back to 2006 when they decided to pass on five-year contracts to sign three-year extensions.