LeBron James opts our of contract with Cavaliers, will become free agent on July 1

"Pro Court Report" Staff Report

CLEVELAND -- Cleveland Cavaliers forward LeBron James on Wednesday opted out of the year of his contract and will become a free agent on July 1.

Since James returned to Cleveland in 2014, he has signed two contracts, opting out after the first season of each one to take advantage of an escalating salary cap.

James could sign a two-year deal worth $64.2 million and opt after next season to again take advantage of the increasing salary cap.

If James opts out following the 2016-17 season, Cleveland will have full Bird rights and can sign James to a long-term deal approaching $160 million.