The first two days of free agency were mostly quiet for the Miami Heat.
What will happen on Day 3 of free agency on Tuesday? Updates will be posted here throughout the day.
6:30 p.m.: With Kevin Love returning and Delon Wright departing in free agency, the Heat’s roster now includes 11 players on standard contracts for next season: Jimmy Butler ($48.8 million), Bam Adebayo ($34.8 million), Tyler Herro ($29 million), Terry Rozier ($24.9 million), Duncan Robinson ($19.4 million), Kel’el Ware ($4.2 million), Love ($3.8 million), Jaime Jaquez Jr. ($3.7 million), Josh Richardson ($3.1 million), Nikola Jovic ($2.5 million) and Pelle Larsson ($1.2 million).
Seven players from the Heat’s season-ending roster remain free agents: Thomas Bryant (unrestricted free agent), Jamal Cain (unrestricted free agent), Haywood Highsmith (unrestricted free agent), Caleb Martin (unrestricted free agent), Patty Mills (unrestricted free agent), Cole Swider (restricted free agent) and Alondes Williams (restricted free agent).
1 p.m.: The Heat has expressed interest in Bulls free agent guard DeMar DeRozan, and DeRozan also has interest in Miami, according to two sources with knowledge of the situation. The Heat is among several teams in play for the six-time All Star.
But there are still significant challenges that could ultimately prevent a Heat/DeRozan marriage.
The biggest: At the moment, the only way that Miami could add him would be if he accepts the Heat’s $5.2 million taxpayer midlevel exception or even less likely, a minimum contract. Those are the Heat’s only non-trade avenues to add players.
That $5.2 million is below what DeRozan is seeking. If DeRozan took that, Miami would be just below the second apron and would not be able to re-sign Caleb Martin or Haywood Highsmith, who remain in a holding pattern while both those players and the Heat explore all their options.
The other option for DeRozan with Miami, which would get DeRozan a salary more in line with his production: If the Heat trades a player earning decent money to a team with cap space --- either for draft picks or a player making significantly less. That would be necessary to do a sign-and-trade with the Bulls, because teams above the first apron cannot make sign-and-trades.
The Heat has 11 players under contract, not counting Orlando Robinson, whose $2.2 million salary isn’t guaranteed. If Robinson is removed from the equation, the Heat’s payroll - from a tax/cap calculation standpoint - is $180.2 million, counting minimum cap holds for two open roster spots. The first apron is $178.1 million.
Any team making a sign-and-trade would be hard capped at the first apron and could not exceed $178.1 million in payroll at any time after that, until the conclusion of next year’s NBA Finals.
The more onerous second apron is $188.9 million. Teams exceeding that apron cannot aggregate salaries in a trade, among other restrictions. The Heat is among many teams determined to avoid the second apron.
The Heat is well above the $170.8 million tax line and is line to pay a tax for a second consecutive year.
DeRozan, an All Star as recently as 2023, is one of the most accomplished players remaining in free agency. He averaged 24.0 points per game last season (17th in the NBA), 4.3 rebounds and 5.3 assists. One of the most proficient mid-range shooters of his era, DeRozan shot 48 percent from the field last season. He has never been much of a three-point shooter, with a career average of 29.6 percent, including 33.3 last season (75 for 225).
ESPN’s Adrian Wojnarowski said of DeRozan: “There is interest in DeMar DeRozan. But the kind of contract that he might want just is not going to be available; it’s not left out there in the marketplace. The Bulls are more than willing to work on a sign and trade agreement to get him the years and money that he might want. With the new salary cap rules, those are much difficult for teams to do. The Lakers have interest... LeBron James has talked about a willingness to take significantly less money to open up their mid-level exception.
“In DeMar DeRozan’s case, it may look like a one-year deal somewhere, let the market reset next year. If you do a sign and trade, it’s got to be at least three years and then you’re locked into a three-year deal at a number you may not like. The Lakers are interested, but is there a mechanism that would allow them to create a slot to acquire him? That will be the harder part.”
At 6-6, the 34-year-old can play shooting guard, small forward or power forward.
11:30 a.m.: The Heat used the NBA’s new second-round pick exception to sign Pelle Larsson.
Larsson’s deal is a three-year contract with a starting salary at the rookie minimum of $1.2 million for next season, according to a league source. The contract includes a team option in the third season.
10:50 a.m.: The Heat announced the signing of second-round pick Pelle Larsson.
With Larsson signing a standard contract, the Heat now has 11 players on standard deals for next season: Jimmy Butler, Bam Adebayo, Tyler Herro, Terry Rozier, Duncan Robinson, Kel’el Ware, Kevin Love, Jaime Jaquez Jr., Josh Richardson, Nikola Jovic and Larsson.
This list does not include Orlando Robinson, as he would give the Heat 12 players on standard contracts depending on what the team opts to do with his deal.
The Heat has until July 15 to guarantee Orlando Robinson’s full $2.1 million salary for this upcoming season. If the Heat decides not to guarantee Robinson’s salary, he will become an unrestricted free agent.
While it’s still unclear how the Heat structured Larsson’s standard deal, his salary for next season will likely be between $1 million and $2 million. The Heat selected Larsson out of Arizona with the 44th overall pick in last week’s draft.
9:20 a.m.: For those hoping that Donovan Mitchell wouldn’t sign an extension with the Cleveland Cavaliers and instead force a trade to the Heat this offseason, bad news arrived Tuesday morning.
ESPN’s Adrian Wojnarowski is reporting that Mitchell has agreed on a three-year, $150.3 million maximum contract extension with the Cavaliers that includes a player option for the 2027-2028 season.
“A significant part of Mitchell’s belief in committing on a new deal comes with his confidence in Koby Altman’s vision to keep building the Cavs into a championship contender and an alignment on their partnership together,” Wojnarowski reported.
Pulling off a trade for a play of Mitchell’s caliber and salary was always considered a long shot anyway, with the Heat’s salary-cap situation making that challenging.
Among the trade restrictions the Heat faces as a team on track to be above the first apron: Miami can’t take back more money in a trade than it sends out, won’t be allowed to use a preexisting trade exception and can’t acquire a player through a sign-and-trade. And aggregating salaries in a trade would hard cap the Heat at the second apron.
The Mitchell to the Heat dream is dead ... for now.
9 a.m.: What has the Heat done so far?
With leaguewide free agent negotiations allowed to begin Sunday at 6 p.m., veteran center Kevin Love agreed to a two-year contract worth about $8 million to stay with the Heat just minutes after the negotiating period began.
But, as of now, that’s the only addition the Heat has made to its 15-man standard roster in free agency.
The Heat lost veteran guard Delon Wright to the Milwaukee Bucks on Monday. Wright, who proved to be a short-term rental for the Heat after signing with Miami in February last season following a buyout agreement with the Washington Wizards, agreed to a one-year minimum contract worth $3 million to join the Bucks on Monday.
Love’s return has the Heat’s roster at 10 players on standard contracts for next season: Jimmy Butler, Bam Adebayo, Tyler Herro, Terry Rozier, Duncan Robinson, Kel’el Ware, Love, Jaime Jaquez Jr., Josh Richardson and Nikola Jovic.
This list does not include Orlando Robinson and Pelle Larsson, with the inclusion of those two players giving the Heat 12 players on standard contracts for next season depending on what the team opts to do with their contracts.
But the Heat provided clarity on another player, announcing late Monday night that it signed Ware to his rookie-scale contract worth $20.5 million through the next four seasons with a starting salary of $4.2 million for this upcoming season. Ware now can’t be traded for 30 days after signing his rookie deal.
The Heat also announced Monday that it signed Dru Smith, Zyon Pullin and Keshad Johnson to two-way contracts, which do not count against the salary cap, luxury tax or apron. Two-way deals can be swapped out at any time.
With Love returning and Wright departing, that leaves seven players from the Heat’s season-ending roster who remain free agents: Thomas Bryant (unrestricted free agent), Jamal Cain (unrestricted free agent), Haywood Highsmith (unrestricted free agent), Caleb Martin (unrestricted free agent), Patty Mills (unrestricted free agent), Cole Swider (restricted free agent) and Alondes Williams (restricted free agent).
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