Wade agrees to contract extension

According to the South Florida Sun-Sentinel, the Heat offered Wade a maximum extension of five years and about $80 million at the start of the negotiating period. However, it is believed that Wade inked a similar deal to that of Cleveland’s LeBron James.

James signed a smaller three-year contract with an option for a fourth season on Wednesday.

The 24-year-old Wade collected the Finals MVP after averaging 34.7 points and 7.8 rebounds as Miami beat the Dallas Mavericks in six games. He is set to make $3.8 million next season in the final year of the contract he signed as a rookie in 2003.

In 75 regular season games, Wade averaged a career-high 27.2 points and 6.7 assists during the 2005-06 campaign.

Wade, Miami’s first round draft choice — fifth overall — in the 2003 NBA Draft, has averaged 22.9 points, 6.1 assists and 5.0 rebounds in 213 regular season games. He owns single-season Miami franchise records for points scored, scoring average, field goals made, free throws made and free throws attempted.