Report: Wade, Heat far apart in contract negotiations

According to Barry Jackson of the Miami Herald, the Miami Heat and Dwyane Wade have been in contract negotiations and there is a significant difference between what both sides believe he should be paid.

Wade has spent his entire 12-year career in a Heat uniform, and is reportedly open to considering other teams if he and the Heat cannot come to a resolution.

He'll have to decide by late June whether to opt out of his current contract that would pay him $16.1 million.

His first preference is to stay in Miami and the Heat undoubtedly want to keep him. However, the team feels that the contract he is seeking would reduce its flexibility entering the 2016 and 2017 offseasons when key free agents are expected to hit the market.

Wade, along with teammate Chris Bosh and former teammate LeBron James opted out of the final two years of their contracts last summer to give the Heat flexibility to retool its roster. While James ended up returning to the Cleveland Cavaliers, Bosh re-upped with Miami for a max contract and Wade accepted a two-year, $31 million deal that includes a player option for the 2015-16 season.

So what is Wade looking for?

According to the report he wants to opt out this summer and is seeking a lucrative three-year deal, preferably from the Heat.

His agent, Henry Thomas declined to discuss details of the situation, but offered the following.

"With the amount of time he has spent with the organization, every effort will be made to try to work something out," Thomas said. "The five times he played for a championship, resulting in three championships, is a significant accomplishment for any professional. We are continuing to talk about a resolution that would be satisfactory to both sides."

Performing at an All-Star level throughout his entire career, Wade has repeatedly demonstrated the willingness to sacrifice his earning potential for the better of the organization. He was instrumental in the recruiting process of James and Bosh during the summer of 2010 and we all know how that turned out.

Wade hasn't commented about his contract situation but has stated that he feels like he's got a few good years left in him and it should come as no surprise that he is seeking fair compensation for all he's done for the organization.