Why it makes sense for the Heat
Let's be clear: Any Butler trade idea starts with the assumption that the Heat have concluded that they cannot re-sign Butler next summer.
The question, then, is whether it's worth having Butler on the roster for the rest of the season and losing him for nothing or trading him now while his value is still high.
In the scenario that the Heat are rebooting, this package provides a lot of what they might be looking for. An ace young player who fits Bam Adebayo's timeline? Check, with Porter. Young prospects who could blossom in Miami's development program? Check. Draft assets? Ehhh, sort of.
Again, while nobody would claim Porter to be as good as Butler, he is nine years younger. At 26, Porter fits with 27-year-old Adebayo's timeline. He's also an on-court fit. His 3-point shooting and size complement Bam's game.
(But Porter has been injury-prone most of his career. He played 81 games last season, perhaps signaling that the worst is behind him. But it's also the only season in which he played more than 62 games.)
Add Watson and Strawther to the Heat's young core of Jaime Jaquez Jr., Nikola Jovic, Kel'el Ware and Pelle Larsson, and that's six players Heat fans can feel good about developing.
The one hang-up is the need for draft capital. A 2031 pick swap could end up being valuable. Butler will be retired by then. Jokic will be 36 (and are we sure he'll still be playing in the NBA by then? Or will he be retired on a farm in Serbia?) That pick could end up being a great one, but that's a long way away, and swap rights are rarely the homerun that front offices pretend them to be.
If the Nuggets adjust protections to a pick they owe OKC in 2029, they could open up that 2031 pick to be traded outright and not just swapped. If I were the Heat, I might insist on it.