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NBA Free Agency: Butler to accept max extension, NBA salary cap set

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Butler’s deal is said to be as much as $184 million once it can be ratified later this week.

Toronto Raptors v Miami Heat Photo by Michael Reaves/Getty Images

Jimmy Butler’s future with the Miami Heat appears to be set with reports coming in that he is set to sign a maximum four year contract extension.

Shams Charania of The Athletic is reporting that Butler’s deal will be worth in excess of $184 million.

Butler’s deal was reported around the same time as the beginning of the NBA free agency period, with multiple reports also coming in that the acquisition of Butler’s good friend All-Star point guard Kyle Lowry appears to be very close to becoming official.

Teams can begin negotiating with free agents at 6:00 p.m. ET — six hours prior to the start of the league’s “moratorium period.” The moratorium period ends at noon ET on Friday, August 6, which is when Butler can officially sign his contract extension.

The NBA also just announced today that the salary cap has been set at $112.414 million for the 2021-22 season. The Tax Level for the 2021-22 season is $136.606 million. The non-taxpayer mid-level for the 2021-22 season is $9.536 million, the taxpayer mid-level is $5.890 million, and the mid-level for a team with room under the Salary Cap is $4.910 million.