(MCT) --Let the madness begin.

LeBron James exercised the early termination option of his contract Tuesday, and is set to become a free agent on July 1. Essentially, James has three options: sign for more money with the Heat, sign for less money with the Heat or sign with another team. He's expected to choose the scenario that would give him a better chance to win more championships.

Put another way, what James decides could ultimately be determined by the decisions of his teammates.

The big questions now: What will Dwyane Wade and Chris Bosh do? Like James, Wade and Bosh have player option clauses in their contracts.

James, Wade and Bosh are expected to finalize their plans for the future soon. If Wade and Bosh both opt out of their contracts, then that would be a positive sign that the Heat is gearing up to restock its roster this offseason with enough talent to make another run at the NBA Finals.

If either Wade or Bosh chooses to play under his current contract, refitting the Heat's roster would be more difficult. The deadline for Wade and Bosh to exercise their player options is Monday, but could come as early as Wednesday.

"We're prepared," Riley said last week during a 55-minute news conference on the Heat's future. "We've got the main book all written up, and it's dependent on whatever the scenario we're presented with on July 1 and we've got a lot of room for flexibility. There is a tremendous amount of flexibility depending on what happens.

"Do I feel any pressure? No. I will do the best job I can do. We will all do the best job we can do."