Miami Heat’s unrestricted free agent Caleb Martin was never expected to be back this summer. Martin became a strong rotation piece over the years in the Heat’s system and earned himself a payday. With Miami’s limited financial situation being deep into the cap, his re-signing was seen as unlikely from the start.
That view came to fruition a week into free agency, when Martin signed a four-year $35 million deal with the rival Philadelphia 76ers. However, it was not the ‘payday’ that he had hoped for. Initially, the Heat encouraged Martin to opt into his near $7 million player-option and sign an extension that was worth $65 million over five years.
He instead rejected that offer; opting to bet on himself that he would be able to earn more elsewhere. His camp revealed at the start of free agency that they were looking for $15 million annually. Once Martin declined that opt-in extension from the Heat, they were not able to offer that deal again.
Ultimately, with the new CBA, the market dried up relatively quickly and Martin had to settle for far less than Miami’s original offer. Some new details recently came up regarding his decision to depart for Philadelphia.
Caleb Martin's camp never gave Miami the opportunity to match Philadelphia's offer, per @flasportsbuzz
— NBACentral (@TheDunkCentral) July 16, 2024
“The Heat had the flexibility to match Philadelphia’s four-year, $35 million deal with Martin, but Martin’s camp never gave Miami that opportunity. Martin could have made… pic.twitter.com/Wp34ZzACNn
This is rather unsettling for Martin and his camp. They had not just one chance to take more money to stay in South Florida, but two chances. Even though the Heat couldn’t put that first $65 million option back on the table, they were still willing to give him slightly more than the 76ers did after the fact.
Martin was yet another undrafted success story that developed into a great player in Miami. Unlike Gabe Vincent and Max Strus’ departures a year ago though, his free agent exit was a head scratcher for everyone involved. He was already an established role player as a strong perimeter defender and two-way asset that spent years building chemistry with the franchise.
There were several opportunities for him to continue what he started on a team that has had playoff success with him in the lineup; not to mention with more money involved. When it comes to the no state-income taxes for Florida in contract negotiations, it seems that Martin and his agent simply outplayed their hand.
With that behind him, Martin expressed excitement for a fresh start on a new-look contending Sixers squad. Instead, the Heat are left with losing another playoff-tested, home-grown guy for nothing.