MIAMI -- LeBron James and Chris Bosh are now members of the Miami Heat and both came at a cut rate.

The Heat's two newest superstars signed matching six-year, $110.1 million contracts, sources told ESPN The Magazine's Ric Bucher. Dwyane Wade took an even bigger discount to stay in Miami, signing for six years and $107.5 million, according to the sources.

Sources told ESPN.com's Chad Ford that James and Bosh are scheduled to make $14.5 million and Wade $14 million in 2010-11.

Each player took $15 million less over the life of the contract to sign with Miami, but the deals came with a caveat.

It was a party in South Beach on Friday night as Chris Bosh, Dwyane Wade and LeBron James donned Miami Heat jerseys at a welcoming celebration. Doug Benc/Getty Images

All three contracts, sources told ESPN.com's Marc Stein, have an early termination option after the fourth season that would allow LeBron, Bosh and Wade to return to free agency in the summer of 2014. Each player also possesses a player option entering the final season of the contract (2015-16).

Bosh and James' deals were completed through sign-and-trades, making all three eligible for 10.5 percent raises each year.

The Heat sent two future first-round and two second-round picks to the Cavaliers for James, while packaging two first-round picks to the Raptors for Bosh.

Sources told ESPN that Toronto reacquired its first-round selection in 2011, which Miami had from a 2009 trade that sent Shawn Marion to the Raptors, and added the Heat's own first rounder in 2011.

Miami then sent its first-round picks in 2013 and 2015 to the Cavaliers and Cleveland has the option to swap first-round picks in 2012.

Both the Raptors and the Cavs will receive trade exceptions valued at $14.5 million, sources told ESPN.com.

"This deal provides us with multiple key assets and additional flexibility as we move forward for both the short term and beyond," Cavaliers general manager Chris Grant said in a release.

With all three superstars wrapped up, it was time for the Heat and their fans to celebrate and they greeted the NBA's newest superstar trio in a fashion normally reserved for rock concerts and award shows.

James, Wade and Bosh all arrived in white Heat uniforms accompanied by plumes of smoke, lifted into the air on a forklift for their grand arrival.

"I understand now that I've made the right decision," James said.

A packed arena, plus another 10,000 or so outside the building, couldn't have been more thrilled to hear James say those words. As they cheered their new king, he took a look at his new home crowd, folded his arms across his chest after he and his teammates were dropped from the sky on a forklift, and nodded.

"We know what the fans want," James said.

In case there was some question, they told him: Yes, a "Beat L.A." chant broke out in July, call it an opening salvo aimed at the two-time defending champion Lakers.