LeBron to opt out of contract: Report

Just like Kevin Love, LeBron James is opting out of his contract with the Cleveland Cavaliers and will become a free agent on July 1st. James had a player option worth $21.5 million for next season, but according to Cleveland.com, James notified the Cavaliers Sunday that he is declining the option.

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Cavaliers fans shouldn't start burning James gear (for a second time) yet, though, as LeBron is expected to sign a similar one-year contract with the Cavaliers with a player option for a second year. By doing so, James will receive a…