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Wade's agreement includes a player option that will allow him to return to free agency in 2017, sources said.
Wade will return to his childhood home, where he idolized Bulls icon Michael Jordan as a young boy and moved on to become an All-American at Marquette and a 12-time NBA All-Star with Miami.
Wade joins a reshaped Bulls lineup that will include Rajon Rondo at point guard and necessitate the move of All-Star shooting guard Jimmy Butler to small forward.
Acrimony over contract talks – and a feeling that the Heat no longer appreciated him – fueled Wade’s decision to leave Wednesday, league sources said.
After meeting with Miami owner Micky Arison on Wednesday in New York, the Heat were unwilling to add a third year to their contract offer to Wade, league sources said. Wade ultimately decided to leave the franchise with which he had become synonymous during a run for three NBA championships that included partnerships with Shaquille O’Neal and LeBron James.
Denver met with Wade in New York on Wednesday, offering him a two-year, $52 million deal, sources said. No team offered Wade a guaranteed third season, sources said.