The Miami Heat have reportedly extended a two-year deal to Dwyane Wade worth $40 million, with a player option for the second year.
The offer, first reported by ESPN's Dan Le Batard, comes as little surprise with the Heat mindful of their remaining cap space but is likely lower than what Wade has been looking for in the open market.
Heat has offered Wade 2 years, $40 million with a player option in second year.— Dan Le Batard Show (@LeBatardShow) July 4, 2016
The floodgates have re-opened after the NBA free agency bonanza was put on temporary hold until Kevin Durant made his decision to sign with the Golden State Warriors, who may have lost the NBA Finals but have won much, much more this summer.
For the Heat, their pipe dream of landing Durant is now officially over and they can go about their business of rounding out their roster. Without Durant's services however, Hassan Whiteside's contract will call for an annual salary of the max $22 million in his first year. But can they reach a compromise with their top free agent and 3-time NBA champ?
If Dwyane Wade takes $39.2M, the Heat could still match Tyler Johnson's offer sheet and retain both Josh Richardson and Briante Weber.— Albert Nahmad (@AlbertRandom1) July 4, 2016
From the Sun-Sentinel's Ira Winderman:
According to the party familiar with the negotiations, the Heat offer, which is for a flat $20 million for each of the two seasons, would allow Wade to opt out after the first of the two seasons and re-enter free agency again next summer, when the NBA salary cap is again expected to make another quantum leap.
Wade apparently is seeking additional years at such a rate or higher from the Heat.
In order to accommodate Wade's contract demands, Miami may have to trade away salary to make the numbers work. Josh McRoberts is on the books for $5.8 million next season. They will also need to fill out the rest of the roster and have already lost Luol Deng and Joe Johnson in free agency, with Tyler Johnson likely next to leave after signing a four-year, $50 million offer sheet with the Brooklyn Nets. Miami also has a $2.9 million exception at their disposal.