Dwyane Wade cleared waivers Wednesday evening, signing a one-year contract with the Cleveland Cavaliers [VIDEO] worth $2.3 million. The Cavaliers, along with the Thunder, Spurs, and Heat [VIDEO]were all in pursuit of the 12-time All-Star guard. Wade released a statement on Twitter revealing his plans for the upcoming season.

"There's no better place to be right now to continue to play and compete at the highest level. Cleveland believes in my talents and what I can bring to a championship contender both as a player and leader. I look forward to reuniting and playing alongside my brother LeBron," the 12-time All-Star guard said in a statement.

"We've already won two championships together and I hope we win a third."

Among the aforementioned teams seeking Wade's signature, the Heat was the team that could pay him the most at $4.5 million while the Thunder had the least money to offer at $2.3 million.

What does this mean for the Heat

According to Barry Jackson of the Miami Herald, the Heat never thought it was likely that Wade would return this season, always believing he was Cleveland-bound. There’s no denying that there was interest in Wade's services but there are plenty of reasons that leave Miami at peace with his decision.

The Heat have plenty of promising options in the backcourt, opening up minutes for an aging veteran would be a difficult decision for the coaching staff. After going 30-11 during the second half of the season, adding a ball dominant guard might mess with the chemistry of a team that is looking to grow.

With the new run-and-gun style of the NBA, Wade's offensive style is on the brink of extinction. Wade shoots a low 29 percent from the three-point mark and has trouble spacing the floor on offense.

Money is the motive?

During the free agency summer of 2016, Wade rejected the Heat's two-year, $41.5 million offer believing he deserved more for all the sacrifices he made during his 13-year tenure with the organization. That includes the pay cuts he took to bring in Chris Bosh and LeBron James.

Instead, Wade bolted for Chicago taking a two-year, $48 million offer. Because of the buyout, Wade had to fork over $8 million. So, to add it all up, between the $39.5 million he made with Chicago and the $2.3 million from Cleveland, Wade will make $41.8 million between this season and last. Wade barely eclipsed the total the Heat offered him last summer, an offer that upset him. At the end of the day, Wade lost money with state income taxes in Illinois and Ohio.