Heading into this year’s offseason in the summer, the Miami Heat are going to be limited because of their financial situation.
The Heat are hard-capped and are within the new apron rules. Starting this offseason, teams that have total payrolls at $17.5 million above the luxury tax threshold face a new cutoff referred to as the “second apron.” Being in this apron causes limitations in regards to transactions; signing or trading for new players. For the current 2023-2024 season, the Heat are a little over $2 million above the first apron ($172.34 million).
It's unlikely that the Heat can add a big-name free agent this summer, but here are some names of players on losing teams who should wish to end up in Miami.
Miami started the season in the first luxury tax apron, but after committing to the long-term contract of Terry Rozier they may now be in that second apron, or very close to it. If the Heat really want to make an offseason splash they are going to need to manage contracts.
This could include dangling the $30 million per year salary of Tyler Herro. However, if Herro's health or performance problems persist during this next potential playoff run, the idea of moving on from him and that contract should at the very least be discussed.
There is potential for this to be a loaded free agent class, depending on if some players opt in or out to their deals. The NBA cap, luxury tax and both aprons are expected to raise, allowing a bit more financial flexibility.
A sign and trade involving Herro may be the only option to sign a top-tier free agent, and even that route would include finding a way to cut another $13.1 million from payroll. Plus, moving on from Herro far from guarantees signing another All-Star caliber name unless they are willing to take a cheaper deal. Miami has the team culture, championship aspirations and geographic advantage to make that possible.
Let’s go over three notable names who at the very least should be interested in finding their way to South Beach.