According to ESPN's Adrian Wojnarowski, Wade gave up approximately $8 million in salary in order to obtain the buyout.
For Wade, it puts an end to a failed experiment of going back to his hometown, where things simply didn't work out on the court.
Wade averaged 18.3 points, 4.5 rebounds and 3.8 assists in 60 games last season, playing 29.9 minutes per game.
There were some bright moments.
Dwyane Wade, a three-time National Basketball Association champion and 2006 Finals MVP, could prove to be a critical cog in Cleveland's pursuit of a championship. While there was some hope he'd turn it on for the playoffs, that definitely did not happen.
Finding room for both Wade and Parker once the latter is back healthy could be trickier.
Unless Wade decides he can't take a second straight season of Midwestern winters, he should sign with the Cavaliers sometime in the next few weeks. He clearly came to the team for the money.
"I have three [rings]". I don't know 105 players is record movement. With Wade in the mix, Los Angeles can deal Jordan Clarkson without taking a talent hit; opening cap space for James and his superstar buddies.
"Everyone don't care enough", Wade added. I would love to finish my career with you.
For personal reasons, it is clear why Wade would want to go to Miami. I think he's an All-Star this year. We did it when I first got the job in 2003. Our guys didn't feel like we accomplished something. "They have to want it". Heat president Pat Riley understands what Wade means to the region and the team.
Clearly, there are still some hurdles that need to be cleared for Wade to reunite with the Heat.
This was a gamble that wasn't worth the price for the Bulls.
After years of operating in win-now mode, the Bulls have embarked on a rebuild.