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Dwyane Wade and Miami Heat agree to new 1-year deal

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Dwyane Wade and the Miami Heat have agreed to a new deal for next season.

Steve Mitchell-USA TODAY Sports

Dwyane Wade has agreed to a new deal with the Miami Heat for one season at $20 million. That's not a max deal, but it gives the Heat their star for next season, pays him, and keeps their flexibility for 2016.

Wade does not secure a long term deal, but he does get paid nicely. He likely will get a long term deal next off season with the Heat.

Wade's new deal gives the Heat a competitive team for next season, and they are still in play for some other key players.

Wade's full statement to the AP:

"It has been an honor and privilege to play with the Miami HEAT the past twelve years. The HEAT family and I have shared incredible moments over the years and I look forward to continuing our journey. I am extremely proud of my personal contributions in helping to build the HEAT franchise and for bringing three NBA championship wins to our great city. For my entire NBA career, Miami has always been my city and my home. I'm overwhelmed with the love and support the Miami community have consistently shown me and my family throughout the years."

Agent Henry Thomas' statement:

"This contract is a win-win for both Dwyane and the HEAT. Not only does Dwyane get to extend his Hall of Fame-worthy career with the only franchise for whom he has ever played, but he will have the flexibility next summer to sign an additional deal. And the HEAT gets to keep their franchise cornerstone while having the ability to build a championship-contending roster."

More details to come.