Michael Beasley's Contract Option Declined by Heat: Latest Details and Reaction

The Miami Heat reportedly decided to decline their team option on forward Michael Beasley on Saturday. He'll now become a free agent on July 1.  

Ethan J. Skolnick of Bleacher Report reported the news, which was confirmed by Ira Winderman of the Sun-Sentinel. Beasley hinted at the outcome earlier in the day, when he Instagramed a "Goodbye Miami" postcard.

The picture was coupled with a hashtag that read: "Wish that I can say it's been real."

Beasley was drafted by the Heat with the second overall pick in the 2008 draft. He was traded to the Minnesota Timberwolves after a couple up-and-down seasons and also made a stop with the Phoenix Suns before returning to Miami in 2013.

The team didn't initially bring him back for the 2014-15 campaign, leading him to sign with the Shanghai Sharks in China. After their season ended, he returned stateside and eventually latched on with the Heat in February for the rest of last season.

Both recent stints with the organization have been in a limited reserve role. He averaged just over 15 minutes in the 2013-14 season and 21 minutes down the stretch this year. Letting him go gives the front office a little extra financial flexibility, as he was slated to earn a little over $1.2 million, according to Spotrac.

Where Beasley will land next is a mystery. The Heat have seemingly been the only NBA team willing to give him a chance in recent years, and they now have Justise Winslow ready to fill the void at small forward if Luol Deng leaves.

Beasley has never lived up to the hype of a top-five selection on the court, and there are certainly red flags for teams to consider, as well. But he did flash some of his still untapped potential with 34 points, 11 rebounds and eight assists in the season finale.

That may be enough for some teams to consider him as a bench option once the initial wave of free agency finishes.