"I said 'Wow,' " James recalled saying when he heard about Cabrera's deal. "I wish [the NBA] didn't have a salary cap."
Speaking to ESPN.com's Brian Windhorst before Miami's 110-78 win in Detroit on Friday night, James said, "He's the best player in baseball, and the best players in each sport should be rewarded. It'd be nice to sign a 10-year deal worth $300 million."
James will earn $19 million this season, which is tied with teammate Chris Bosh for ninth-highest in the NBA. He signed a six-year, $109 million deal with the Heat in 2010, and also earns about $40 million per year in endorsements, most coming from Nike, according to Windhorst.
Unlike the NBA, Major League Baseball doesn't have a salary cap, which leads to higher salaries for its players. A player of James' experience can only make up to 35 percent of his team's $58 million cap and can't sign for more than five years under the NBA's collective bargaining agreement.
For example, James would be only tied for the third-highest paid player on the Yankees with Alfonso Soriano.
Another issue for the NBA is that its players association hasn't had an Executive Director since Billy Hunter was ousted in Feb. 2013.
James, who is averaging 26.9 points, 6.9 rebounds and 6.5 assists per game this season, is eligible to opt out of his contract this summer and joked on Friday that he would "for sure" if he could get the same money as Cabrera. SI WIRE: Report: Dodgers have MLB's top payroll at a projected $235 million