Report: Jimmy Butler to seek one of NBA's biggest contracts this summer

At the top of the Miami Heat’s to-do list this offseason is what to do about Jimmy Butler, who will be eligible for a new, maximum extension this summer. Butler, who will be 35 by the start of next season, is expected to seek a deal that would make him one of the highest-paid players in the league.

League sources told the Miami Herald that Butler will ask for the maximum two-year extension worth about $113 million from the Heat this offseason.

That would make Butler, currently set to be the 11th-highest-paid player in the NBA next season, the eighth-highest-paid player in the league and keep him under contract through 2027, when Butler will be 37 years old.

Here’s how Butler’s current contract breaks down: 

2024-25: $48.8 million
2025-26: $52.4 million (player option)

And here’s what the max extension would look like:

2024-25: $48.8 million
2025-26: $54.3 million
2026-27: $58.6 million

Basically, Butler’s camp will ask the Heat to replace the two years, $101.2 million remaining on his contract, with a three-year, $161.7 million commitment. Both sides are eligible to sign the extension between July 7 and June 30 of next year.

Only Giannis Antetokounmpo, Damian Lillard, Anthony Davis, Nikola Jokic and Joel Embiid are in line to make more than Butler would under the max contract extension for the 2026-27 season, when Butler will be 37 years old.

The Heat would like to keep Butler in Miami, but it’s unclear if they would be willing to go up to the max considering Butler’s age and undeniable decline. Butler played just 60 games in the regular season and missed Miami’s entire first round series against the Celtics with an MCL sprain. His points, free-throw attempts, rebounds, assists and steals were all down from the previous three seasons.

Per Second Spectrum data pulled by ESPN.com’s Bobby Marks, “Butler shot 44% on drives this season (seventh worst in the NBA among players with at least 250 field goal attempts) and 59% on layups and dunks. Last season, Butler shot 52% on drives and 63% on layups/dunks."

Another thing to consider: The Heat are primed to be a second-tax team in the coming seasons if they don’t trim payroll. Extensions to Butler and Bam Adebayo (who will be eligible for a three-year, $165 million extension that would begin in the 2026-27 season) would only inflate Miami’s payroll and related tax bill.

Because of their position against the tax, the Heat would prefer to pay Butler less than the max and the $52.4 million he is owed on his player option in exchange for a still-sizeable salary and more years – similar to the deal Jrue Holiday recently worked out with the Boston Celtics. 

But Butler is not Holiday. He’s the star of the team and the one who captained one of the great eras in Heat history. Offering less than the max carries its own risk of potentially disgruntling Butler.

Butler has publicly stated that he wants to retire with the Heat, and these upcoming negotiations could determine whether he does.