Want to know how quickly things move in the NBA? Well, the Miami Heat's ambitious plans for 2026 free agency already feel like they've gone up in flames—with four months-plus to go in 2025.
The Heat haven't abandoned hopes for their next whale hunt, of course, but it could be a while before the market puts a bona fide difference-maker within reach. Maybe that's just as well, since Miami should be making plans on a big-dollar extension. And, no, we're not talking about the tricky-as-all-get-out extension talks upcoming with Tyler Herro.
Rather, we're spotlighting fourth-year forward Nikola Jovic, who might push his price tag up with a strong showing at EuroBasket. And if that's merely a stage-setter for a full-fledged breakout during the 2025-26 campaign, he could be awfully costly as a restricted free agent next summer. Unless, that is, if the Heat make the smart play and work out an extension now.
Securing Jovic's future is more important than holding onto long-shot hopes for 2026 free agency.
A 2026 free agency pool that was once littered with stars already features merely a few flickers of hope. Potential building blocks for Miami have already cemented their centerpiece statuses elsewhere.
Free agency has given way to early extensions. Among the players to ink long-term pacts with their current clubs this offseason were Luka Doncic, Shai Gilgeous-Alexander, Paolo Banchero, Jalen Williams, Kyrie Irving, De'Aaron Fox, and Jaren Jackson Jr. Oh, and a new deal for Kevin Durant could be coming at any moment.
Miami's decision-makers only know which of those stars were going to be targets of theirs, but clearly, some members of that group comprised the top of the Heat's wish list. With those options off the table, the Heat need to shift their attention elsewhere.
Like, say, on a 6'10" forward with three-point range, ball skills, and three-level scoring potential. Maybe that's overselling what Jovic can do right now—or, at least, what he has done to this point—but that's a pretty accurate depiction of the kind of player he can become.
And if he shows any hints of realizing that potential this season, then delaying his new deal next summer could prove awfully costly.
"While at one point maximizing cap space for next summer appeared a priority, that no longer appears to be quite the case, with the 2026 free-agency list hardly overwhelming," Ira Winderman wrote for the Sun Sentinel. "... So perhaps an extension (for Jovic) becomes a sooner-rather-than-later move by the front office."
If Jovic inks an extension now, one would assume the price tag will be reasonable. Winderman referenced projections from The Athletic's John Hollinger of a four-year deal in the $50 million to $60 million range. If you're optimistic about Jovic's future, then you should be seeing major bargain potential in such an agreement.
Maybe that gives Jovic a reason to bet on himself and wait to cash in until next summer. The Heat should try to convince him otherwise, though. It's one thing to make a young player "earn" his pay raise, but it's quite another to watch that raise go through the roof.