Though terms of the deal were not disclosed, as per team policy, sources told Shams Charania of Real GM that the contract is for three years at $2.5 million and is fully guaranteed for the first season and partially guaranteed the second year.
Richardson announced on Twitter that he will be wearing No. 0 for the Heat.
The rest of the Heat's press release is as follows:
Richardson played for the HEAT in both the Orlando Pro Summer League and Samsung NBA Summer League in Las Vegas. He played a combined 10 games (six starts), and averaged 11.8 points, 2.8 rebounds, 1.70 steals and 1.6 assists in 26.1 minutes per game. He recorded 23 points and four steals in 30:20 minutes in his Summer League finale against the Sacramento Kings.
Richardson, who played four seasons at Tennessee, appeared in 136 career games (110 starts) for the Volunteers and averaged 9.2 points, 3.2 rebounds, 1.8 assists, 1.08 steals and 28.2 minutes while shooting 45.6 percent from the field, 31.8 percent from three-point range and 75.8 percent from the foul line. He finished his career ranking third in school history in games played, ninth in minutes (3,802), ninth in starts, 10th in steals (147), 16th in blocks (88) and 28th in points (1,252). As a senior, he appeared in 32 games (all starts) and averaged 16.0 points, 4.5 rebounds, 3.6 assists, 2.09 steals and 36.3 minutes while shooting 46.1 percent from the field, 35.9 percent from three-point range and 79.8 percent from the foul line. Among the accolades he collected during his senior season, Richardson was named to the Associated Press and Coaches All-SEC First Teams, the SEC All-Defensive Team and the Defensive All-American Team. He was also selected to the SEC Community Service Team.
Richardson was selected in the second round (40th overall) by the HEAT in the 2015 NBA Draft.