The Miami Heat have re-signed restricted free-agent Caleb Martin to a three-year, $20.5 million deal, according to multiple reports. The Athletic’s Shams Charania was the first with the deal.
Miami used up their taxpayer mid-level exception — beginning at $6.5 million — with the deal, avoiding the projected $156 million hard-cap. To avoid triggering the hard-cap, the Heat can now only sign free agents to minimum contracts.
The Heat are bringing back Caleb Martin on a three-year deal at the $6.5 million full taxpayer mid-level exception. Deal worth about $20.5 million. The deal does not leave the Heat hard-capped.— Ira Winderman (@IraHeatBeat) July 6, 2022
Martin averaged 9.2 points, 3.8 rebounds and one steal — all career marks — on 50.7/41.3/76.3 shooting spits across 60 games (12 starts) with Miami last season. That included a 28-point, 8-rebound outing with six 3s in a win against the Milwaukee Bucks on Dec. 8.
The contract will be fully guaranteed, according to Anthony Chiang of the Miami Herald. You can’t help but wonder if this officially eliminates the Heat from the Kevin Durant sweepstakes, even though it was a bit of a long shot they land him anyways.
What a feel good story for a player who was signed on a two-way deal roughly 11 months ago.
Welcome back to the 305, Caleb — a very well-deserved multi-year deal for the 26-year-old wing
This is a breaking news story. Stay tuned for updates.