The Miami Heat have been at the thick of trade rumors around the league in regard to Jimmy Butler and his contract situation. Butler, currently making $48.7 million, has a $52.4 million player option at the end of this season. But with recent reports from ESPN’s Shams Charania that state the Heat are open to trade offers for the franchise star, there are a lot of avenues that could play out here.
It’s been speculated that Miami would only be open to parting with Butler this season for “fair value.” The market may be limited on deals that could provide the Heat with such, unless they are willing to take on a haul of draft picks. Pat Riley has seemingly been opposed to doing so over his career in South Beach, and could instead aim for win-now pieces.
The Heat have turned things around after a rough start to the 2024-25 campaign, as they are riding a four-game win streak and won eight of their last 11 games. They are a perfect 6-0 in their new blood red jerseys, 7-1 in their last eight home games and 8-2 with their revamped starting five. Butler has been a key piece to the team’s recent success, despite all the trade speculation.
Let’s go over all the potential routes and scenarios that could play out between the Heat and Butler.
1. Heat extend Jimmy Butler midseason
As mentioned, Butler has played very well for Miami this season. He is averaging 18.6 points, 5.3 rebounds, 4.7 assists and 1.2 steals on 55% shooting (career-high) and 36% from deep. He has been efficient, affective and remains the heart and soul of the team.
It is also no secret that star forward has an admiration for Miami, and has stated several times over the years that he wants to finish his career here.
If Miami continues to win games and rise in the standings, Riley could put an end to all this madness by extending Butler midseason to the max money he is coveting. However, for this to be possible, he would have to remove his player option.
Veterans are only eligible to receive extensions during the season if they are on the final year of their deal.
2. Heat trade Jimmy Butler prior to 2025 deadline
The NBA officially opened their trade window this Sunday up until the deadline in February. Butler could technically be traded at any point from now until then. If he wanted to make things ugly, which he has with previous franchises (Chicago Bulls, Minnesota Timberwolves), that could surely speed up a possible trade agreement.
That hasn’t been the case thus far, as Butler has maintained the upmost professionalism throughout all these rumors. The fact that he would prefer things to work out in South Beach plays another part in that. But if a team presents the Heat with a fair offer that they can’t refuse, they could absolutely pull the trigger if it means preventing the risk of losing Butler for nothing.
3. Jimmy Butler opts into contract for 2025-26 season
This seems like the most unlikely route out of them all. Butler opting into his near $52 million contract would essentially place all this speculation on hold for another year. And link the Heat into rumors throughout that entire last season of his contract.
More importantly, Butler would be accepting an amount of money without looking elsewhere to see if he could receive more. With him turning 36 years old by next season, he would have to perform at All-Star caliber (and stay healthy) to put himself in a position to make similar money the following offseason.
4. Jimmy Butler opts out of contract to sign elsewhere
This seems like the biggest nightmare situation for everyone involved with the Heat. For a guy that has willed over-performing rosters to multiple deep playoff runs and then walk for nothing in free agency would sting. Sure, it would give Miami a bit more roster flexibility to swing for the next star, but it could take a while to find that piece.
Dwyane Wade’s 2016 departure proved that, and the grass isn’t always greener. Seeing Butler contend elsewhere when he is just a few years out from getting a deserved South Beach farewell tour would be another crushing franchise blow. Although, it is worth noting that the Brooklyn Nets would be the only team with cap space this offseason.
If a contender would want to bring in Butler, they would have to shed salary with other moves. Would a team be willing to do so for a 36 year-old Butler?
5. Miami Heat offer max contract at start of 2025 free agency
The Heat will have the ability to offer a max extension to Butler before he opts out of his contract. If he does opt out, it wouldn’t be an ‘extension’ per se, but they could still put together a new max contract offer. It has been reported that Butler is seeking an extra 2-3 years, and with the way he has performed this season, they should give it to him.
Ultimately a lot will fall on the results of Miami’s current season, along with Butler’s performance and health. If a championship is in this team’s near future, surely Riley and company would go out of their way to move mountains in giving this man everything he wants.
But if another first round exit unfolds, there could be some pretty uncomfortable conversations.
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