While Cleveland will naturally not release specifics about Rose's contract, several reports have it that he agreed to a deal that will only pay him $2.1 million - equivalent to a veteran's minimum salary.
What does this decision mean for Rose, James and the three-time reigning Eastern Conference champions?
To be fair, there's often some financial trade-off involved when it comes to signing with a championship contender.
Additionally, in the wake of the news that Kyrie Irving wants out of Cleveland, a starting point guard spot could be up for grabs.
Dodgers confident they will acquire top starting pitcher
Darvish will be a free agent after the season and is coming off the worst start of his Major League Baseball career. If the Tigers agree to pick up a big chunk of his contract, he could be an attractive acquisition.
"A one-year deal on a bad team to try and put up numbers - we did not want to entertain that way of thinking", agent B.J. Armstrong, a three-time National Basketball Association champion with the Chicago Bulls, told ESPN on Tuesday.
What should have grown into a budding rivalry between the Bulls and Heat never materialized, as Rose would play just 10 games over the next two seasons due to multiple knee injuries.
Rose also met with the Milwaukee Bucks and Los Angeles Clippers.
Bledsoe averaged 21.1 points and 6.3 assists over 66 games last season, but shot below 34 percent from 3-point territory last season.
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