The Miami Heat sent shockwaves around the NBA earlier this week by acquiring two-time MVP Giannis Antetokounmpo. While the deal has not been made official, as currently constructed, how does this reshape the Heat’s salary cap? Let’s examine!
Heat players under contract:
- Giannis Antetokounmpo — $58.5M; 35.4 percent of cap
- Bam Adebayo — $49.5M; 29.8 percent of the cap
- Nikola Jovic — $16.2M; 9.8 percent of the cap
- Bobby Portis — $14.5M; 8.8 percent of the cap
- Davion Mitchell — $12.4M; 7.5 percent of the cap
By acquiring both Antetokounmpo and Portis — by use of the Duncan Robinson trade exception — the Heat will be allocating $151.1 million above to these five players. Meaning, they would be nearly $58 million from the first apron with at least nine more players to account for. That’s not a lot of wiggle room.
Which players have options?:
- Andrew Wiggins — $30.2M (player option)
- Pelle Larsson — $2.3M (team option)
- Jahmir Young — $2.4M (team option)
Each player and team will have until Tuesday, June 29, to decide whether or not to exercise or decline their respective options. If I were to guess, I think the Heat exercise both Larsson’s and Young’s while Wiggins declines his (re-signing for a lesser AAV).
Partial or non guarantees:
- Dru Smith — $2.6M (non-guaranteed)
- Myron Gardner — $2.6M (partial; $500K)
To create more space, the Heat could theoretically waive Dru Smith and Myron Gardner. However, I don’t think that’s very likely because that would open up two more spots that need to be filled with players who would have similar cap hits. Unless they’re able to find sure-fire upgrades, the idea of dumping either doesn’t make much sense.
Free agents?:
- Norman Powell
- Simone Fontecchio
- Keshad Johnson
Heat are hard-capped below first apron:
By using the 125 percent expanded trade exception to acquire Giannis Antetokounmpo, the Miami Heat are hard-capped below the $209 million first apron. They will NOT be able to exceed under any circumstance this season.
They are 9.5 million below the luxury tax and $18.1 million below the first apron with four roster spots available.
So, which exceptions do they have?:
- $15.0 mid-level exception
- $5.5 million bi-annual exception
- $5.6 million traded player exception
- $2.3 million TPE (remaining after Portis acquisition)
The only conceivable avenue to bring back Andrew Wiggins and Norman Powell while having the full MLE available (barring major discounts) is by flipping Nikola Jovic, who’s four-year, $62 million extension this season.
Unfortunately, Jovic’s value isn’t very high after a very disappointing 2025-26 season. So the possibility of moving him for anything of value without having to attach an asset isn’t likely — though not impossible.
If that doesn’t happen, Portis’ acquisition decreases the likelihood that Powell returns. There are a number of younger shooters worth considering for most, if not all of the aforementioned MLE. Miami could also use either of the two TPEs plus the BAE to add shooting and shot creation. But every dollar that it uses moves them close to the first apron.
Alas, the Heat doesn’t have flexibility. Heat general manager Andy Elisburg is a magician when it comes to salary cap manipulation. But Miami has effectively limited its ability to be flexible without further consolidation/sacrifices.
I’m super interested to see how they navigate this. They completed the most difficult task in acquiring a 1A superstar. But the work has only just begun.
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Just hope Heat don’t load up rest of roster with a bunch of old raggedy players who at one time in their careers made a jump shot. Preferably find the guys who check the two way dog box & shooter box.
It’s tough. There are 29 other teams looking for those same players for vet minimum pay.
And Miami isn’t the only place that has a chance to win it all, so players will make business decisions.
One of Grimes or Simon would help avoid old, raggedy, one-time jump shooters. I would shoot your shot and see if you can’t get John Collins on a hometown/South Florida discount. His 3pt shooting has improved the last few seasons.