Heat president Pat Riley issued a statement noting the organization will also retire Bosh's No. 1 and hang his jersey in the rafters:
"Chris changed his life and basketball career when he came to Miami. And he changed our lives for the better, in a way we never would have imagined, when he joined the Miami HEAT. We will forever be indebted to CB for how he changed this team and led us to four trips to the NBA Finals and two NBA Championships. He is, without a doubt, one of the greatest players in the history of the franchise. The number '1' will never be worn by another player and we can't wait to someday hang his jersey in the rafters. Today, we are both moving on but we wish Chris, Adrienne and their family nothing but the best. They will forever be part of the Miami HEAT family."
Bosh spent the first seven seasons of his career with the Toronto Raptors but became a two-time champion in Miami.
The 11-time All-Star helped propel the Heat to four straight NBA Finals from 2011 to 2014 and the 2012 and 2013 titles alongside LeBron James and Dwyane Wade, and the Heat's statement highlighted his offensive rebound and assist to Ray Allen that forced overtime and saved Miami's season in Game 6 of the 2013 NBA Finals.
James took to Twitter to show his respect for his former teammate:
In all, Bosh averaged 18.0 points and 7.3 rebounds per game in his six seasons with the Heat.
However, his career took a turn in recent years because of blood-clot complications.
Barry Jackson of the Miami Herald noted Miami cleared the remaining $52.1 million of the forward's contract and moved its available cap space from $9 million to more than $34 million by waiving him Tuesday.
Albert Nahmad provided a breakdown of Bosh's financial situation:
Jackson explained the only way for Miami to clear Bosh's salary from the cap was for a doctor chosen by both the Heat and the Association "to rule that Bosh's injury was career-ending or, at the very least, would put him at risk if he plays again," and that occurred within the last two months.
Jackson noted Bosh has not ruled out playing again, but it likely won't be for the Heat given Tuesday's move.