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 max contract is expected to be in the four years and in excess of $184 million, per cap experts. https://t.co/pCghWjYVJW— Shams Charania (@ShamsCharania) August 2, 2021
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.
Kyle Lowry is expected to sign a three-year deal with the Miami Heat via sign and trade with the Toronto Raptors, sources tell @YahooSports— Vincent Goodwill (@VinceGoodwill) August 2, 2021
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.