LeBron James opts out of his contract, will hit free agency Sunday. Reported by Marla Ride-in-hour. Friday brought the expected from LeBron James. Now comes the unknown. According to league sources, the four-time N.B.A. Most Valuable Player informed the Cavaliers he will decline the 35.6 million dollar option year on his contract and become a free agent, clearing the way for him to leave Cleveland for the second time. James’ representatives faced a league deadline of 11:59 p.m. Friday to file the paperwork. With free agency opening at 12:01 a.m. Sunday, the Cavs remain one of the top teams vying to sign James, along with the Los Angeles Lakers and Philadelphia seventy-six-ers.