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Cavaliers' LeBron James: Opts out of player option

James said Tuesday that he would decline his $24 million player option for the 2016-17 season and become an unrestricted free agent July 1, Chris Broussard of ESPN.com reports.

Analysis:

James already announced after the NBA Finals that he would return to the Cavaliers in 2016-17, but with the salary cap expected to increase at the start of the new league year, he'll become an unrestricted free agent in order to earn a higher annual salary. Look for James to negotiate another two-year contract with the Cavaliers that will include another player option on his contract for the 2017-18 season.

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