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Start of free agency shows market for Wayne Ellington

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Other 3-point specialists have signed contracts with starting salaries of $7 or $8 million.

NBA: Toronto Raptors at Miami Heat Jasen Vinlove-USA TODAY Sports

It’s no secret that the Miami Heat would love to bring back free agent 3-point specialist Wayne Ellington, who has played with the Heat for the past two seasons. And with free agency officially starting just after midnight EST July 1, other 3-point shooters have shown what the market may look like for Ellington.

As I’ve mentioned before, the Heat can pay Ellington up to 175% of his $6.23 million salary from last season, which would be $10.9 million. Ellington would be eligible for a four-year contract with eight percent pay raises from the first-year salary.

It looks like the market could have other teams offer Ellington a starting salary of $7 or $8 million, giving the Heat considerable room to offer a better deal.

Of course, nothing is set in stone until Ellington formally agrees to re-sign with Miami. Who would’ve thought that this point two years ago that Dwyane Wade would leave the only franchise he’s ever played for? But the early indications show that the Heat still have a good chance to retain “The Man with the Golden Arm.”