Miami's Willie Reed will decline his player option and become an unrestricted free agent, according to league sources.
Reed sent a note to the team informing them of his plans to become a free agent, a letter that is not binding and still could be reversed by his late-June deadline, in the eventuality of an injury.
The Heat either could sign Reed back into some of that cap space or could utilize the $4.3 million mid-level exception granted to teams first utilizing cap space.