Nov. 6 (Bloomberg) -- LeBron James is employed by the Cleveland Cavaliers of the National Basketball Association. James, a wannabe billionaire, picked the wrong sport. And it’s going to cost him. Plenty.

Having seen the Zapruder-like films of his days as a wide receiver, it seems the 6 feet, 8 inches, and 240-pound James could’ve been one of the National Football League’s best receivers. Think Jerry Rice, only bigger and stronger.

He’s got the size, speed, strength and smarts to make even the unflappable Bill Belichick drool. And, judging from his ability to retrieve alley-oops high above the rim, James also possesses the requisite hand-eye coordination to hit a curveball. The New York Yankees pay handsomely for that skill set. Just ask Alex Rodriguez, the highest-paid player in team sports.

In terms of athleticism, James has it all. Pick a sport, any sport, and he would shine at the highest level. Maybe even golf. He’s been known to enjoy a round of 18 with Berkshire Hathaway Inc. Chairman Warren Buffett and Microsoft Corp. Chairman Bill Gates, who have amassed the kind of wealth that James dreams about.

Watching James run and jump is reminiscent of marveling at the abilities of Deion Sanders or Bo Jackson, both of whom played professional football and Major League Baseball. Two- sport stars, they’re called.

Too bad for James that his introduction to Buffett came after he’d chosen the NBA, which has strict spending limits that will, if owners get their way in labor talks, get even more prohibitive.

Not a Knick

That’s why James won’t end up with the New York Knicks, who host the Cavaliers tonight and who’ll have plenty of money to spend on players at the end of the season. There’s a bevy of free-agent talent available. In reality, however, it’s James and everyone else, a second-tier group of household names that includes Dwyane Wade and Chris Bosh.

The Knicks have done everything possible, roster-wise, to position themselves to make a run at James, an Akron, Ohio, native who has remained noncommittal about his future basketball home.

Based on money alone, James would’ve been better off playing baseball than basketball or football, which has a strict salary cap that limits what players can earn.

The NBA also sets a limit on player salaries. Without getting into specifics, suffice to say that James, who’ll be paid almost $16 million this season, can make more money by staying in Cleveland than going elsewhere. Even New York.

Nike’s China Push

Simply put, the Cavaliers can pay James more than any other team. And the argument that James can command more endorsement dough in a bigger market is nonsense. The guy’s already a global icon with his own museum in China, where he and Lakers star Kobe Bryant are the centerpieces of Nike Inc.’s marketing push in the world’s most populous nation.

Had James been a baseball player, you can bet the Yankees, Mets, Red Sox, Dodgers, Angels and Cubs would’ve paid whatever it took to get him. The Yankees paid A-Rod, also a Buffett buddy, $33 million this season.

The Yankees prior to this season landed a trio of coveted free agents in pitchers CC Sabathia and A.J. Burnett, and first baseman Mark Teixeira. Thanks to their new stadium, which one baseball executive called a cash register, and lots of loot from their regional sports network, YES, the Yankees have the financial wherewithal to outbid other clubs.

Tax Consequences

NBA rules prohibit teams from outspending other clubs. So, no matter how much money the Knicks have, they can’t lure a megastar like James with the promise of millions more. Knicks management will have to sell James on the bright lights of Madison Square Garden, which is being renovated, and the chance to resuscitate a once-proud organization.

Good luck.

James might want to consider a team in Florida or Texas. Neither state has a personal income tax.

You can bet that James will be asked countless questions tonight, and tomorrow, and the next day, about the lure of New York, and about the attraction of playing before a star-studded crowd at MSG. He’ll offer one noncommittal response after another until a decision is made, probably sometime after the playoffs in June.

Maybe James will be fortunate tonight and one of the seats in celebrity row will be occupied by A-Rod, who could offer LeBron some pointers on his batting stance.

The Yankees may be World Series champions but they have some holes to fill. And, as we’ve seen, they’re willing to pay whatever it takes.

Baseball, not basketball, is the quickest way to billionaire.

(Scott Soshnick is a Bloomberg News columnist. The opinions expressed are his own.)

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To contact the writer of this column: Scott Soshnick in New York at ssoshnick@bloomberg.net

Last Updated: November 5, 2009 21:00 EST