Zach Lowe of ESPN:
What does this mean? The possibilities are practically endless.
The Bucks didn’t have enough cap space to sign Wade, and maybe trade options to clear room evaporated.
Maybe Wade is content with the Heat’s offer.
Maybe Wade prefers another team — reuniting with LeBron James in Cleveland is the hot rumor — if he leaves Miami.
The only thing I can say with relative certainty is that Wade isn’t Milwaukee-bound.