Financial details were not disclosed, but hoopshype.com states that Cole stands to earn $2.1 million next season, with a qualifying offer for the 2015-16 season worth about $3.2 million.
Though there have been rumors of the Heat exploring trade options for Cole, his reasonably cheap contract makes little sense to move with the Heat so mindful of the luxury tax.
Now entering his third pro season, Cole has appeared in 145 career games (six starts) and averaged 6.1 points, 2.0 assists, 1.5 rebounds and 19.7 minutes while shooting 40.7 percent from the field.
The Heat also note in their press release that Cole led the Miami reserves last season in assists 37 times, steals on 29 occasions, points 12 times and in rebounds and minutes six times each. In his two seasons with the HEAT, Cole has helped Miami capture back-to-back NBA championships, appearing in 40 postseason games while averaging 4.1 points, 1.4 assists and 1.2 rebounds in 14.7 minutes of action.
Cole was originally drafted by Minnesota in the first round (28th overall) of the 2011 NBA Draft before his draft rights were acquired by the HEAT in a draft night trade.