If you thought the increased World Cup ratings were the hottest sports story of the American summer, it's about to be eclipsed by a sporting event that isn't really a sporting event. I'm talking about the LeBron James Sweepstakes.

As of July 1 - Friday Australian time - NBA superstar James will become a free agent, and can sign with any team that is able to fit him under their salary cap. That list is not extensive, but there are a number of teams preparing to fly to Cleveland and offer LeBron everything except (we hope) their firstborn children.

The NBA salary cap will be approximately $56 million per team next year and LeBron's maximum salary per year as a free agent is about $16.5 million.

Here's a form guide:

Favourites

Chicago Bulls

The Scoop: The Bulls are a trendy pick at the moment, especially after the trade of point guard Kirk Heinrich, which freed up more cap space. Chicago currently has $29 million available to spend. The hope is to sign LeBron as well as Toronto Raptors free agent big man Chris Bosh.

Pros: Chicago is a great sports city and a step up from Cleveland. There is a superb nucleus of young talent, with point guard Derrick Rose and forward Joakim Noah. If the Bulls can persuade Bosh to join up too, that would make things even more appealing to LBJ.

Cons: The Bulls would still have to make another move to fit James and Bosh under the salary cap at maximum salaries, or they'll have to convince Bosh to sign for less than top dollar. Then there's the legacy thing: James would have to do some pretty remarkable things to make people forget about that Jordan guy.

Miami Heat

The Scoop: We now know that LeBron and Bosh met with Heat superstar Dwayne Wade, who's also a free agent, to discuss their respective futures. The idea of all three signing with the Heat is a remote possibility, if Wade re-signs and a couple of trades - one involving young star Michael Beasley - are made.

Pros: How great would it be to see LeBron and Dwayne Wade on the floor together? Throw in Bosh and hello NBA Finals.

Cons: Even if two (or three!) bonafide superstars agree to play together, could they actually gel on the court? Furthermore, if the Heat want to pay all three stars maximum money, they'll struggle to fill out their roster.

Cleveland Cavaliers

The Scoop: The Cavaliers can re-sign LeBron for slightly more money and can offer him a six-year deal as opposed to five for everyone else.

Pros: Ohio is LeBron's home state and he's comfortable there. By firing Mike Brown, Cleveland management has offered LeBron the chance to name the coach he'd prefer to work with.

Cons: The Cavs have tried different supporting casts around James, and none have resulted in a championship. It might be time for a move.

Long Shots

New Jersey Nets

The Scoop: The Nets are $27 million under the salary cap, and will play two more seasons in New Jersey before moving to a new arena in Brooklyn.

Pros: New Jersey's new owner is Russian billionaire Mikhail Prokhorov. He'll give LeBron everything he wants, including luxury yachts and hot babes imported from Moscow. Facetiousness aside, the real key here is LeBron's pal Jay-Z, who is a part owner.

Cons: The second-class citizen syndrome: no matter how good the Nets are, they'll always be #2 behind the Knicks. New Jersey and Brooklyn are not exactly blue chip addresses.

New York Knicks

The Scoop: Have been clearing cap space for months and will most likely be more than $34 million under the cap, enough to easily sign LeBron and someone else like Bosh or Joe Johnson to the maximum.

Pros: New York is the USA's #1 city and #1 TV market. LeBron has the chance to elevate a moribund franchise and become a true New York hero like Derek Jeter or Joe Namath.

Cons: The team has been so bad, there's no guarantee James can lift it out of the doldrums.

LA Clippers

The Scoop: Should be between $16 million and $19 million under the cap, which is enough to sign James, but nobody else.

Pros: To start with, LeBron gets away from frigid Midwest winters. But more importantly, this is a franchise devoid of any history, so he could - to steal a phrase from Nike - write his own future.

Cons: Donald Sterling is the league's most bizarre owner. Also, the Clippers will always be in the shadow of the mighty Lakers. Not sure LeBron's ego could handle being #2 to Kobe, especially in the same building.

Greater Western Sydney

The Scoop: Sure it's unlikely, but the signing of Israel Folau may only be the start of things.

Pros: Would become most famous man in Australia overnight.

Cons: Road trips to Adelaide.