Although the Miami Heat attempted to sign Caleb Martin to a long-term deal, he will be leaving for another Eastern Conference rival.
Martin on Sunday agreed to a four-year contract worth more than $32 million, according to ESPN.
The contract comes in below what the perceived market value for Martin was when he opted out of his $7.1 million salary for next season.
The Heat tried to retain Martin and offered him a four-year extension worth $58 million that would have included him picking up his $7.1 million option for next season, according to the Miami Herald.
Had Martin and his representation accepted Miami’s offer, the deal would have paid him $65 million over the next five years.
It also would have helped the Heat remain under the second luxury tax apron while retaining one of their most versatile players.
Since joining the Heat on a two-way contract in 2021, Martin emerged a rotation staple who could defend multiple positions, make open 3s and attack the paint. He averaged 10 points, 4.4 rebounds and 2.2 assists while shooting 35% from 3-point range last season.
In Philadelphia, Martin is expected to start in a revamped lineup that now includes Paul George, Joel Embiid and Tyrese Maxey.
Where does Caleb Martin's departure leave the Heat?
Had Martin accepted the Heat’s offer, it would have kept him in Miami for this upcoming season at a manageable $7.1 million as the team works to remain under the second tax apron. The extension, which would have paid an average annual value of $13 million, would have made up for the money lost this season on the back end.
With Martin gone, the Heat can turn to free-agent forward Haywood Highsmith. The 76ers had also shown interest in Highsmith but, with Martin, that probably isn’t an option. Highsmith still has interest in remaining with the Heat.
The Heat have 13 players on guaranteed standard contracts for this upcoming season and will add at least one more player while remaining under the second apron. The Heat have about $7 million in space below the second apron to use on Highsmith or outside free agents, who can be signed to veteran minimum contracts.