The Miami Heat are hunting for a third star and that player is Damian Lillard. It has been widely reported that Miami is pushing all of its chips to the middle of the table in an effort to acquire Lillard if a trade request takes place.
Regardless, there are other moves the Heat are considering alongside the Lillard drama. Gabe Vincent and Max Strus are scheduled to become unrestricted free agents on June 30 with both players being key to Miami’s run to the 2023 NBA Finals.
Vincent seems like the more realistic option to return since Duncan Robinson boosted his status during the NBA playoffs; however, there is another situation brewing that many may not have expected this offseason.
Related: Damian Lillard has ‘serious interest’ in joining the Miami Heat
Miami Heat could waive Kyle Lowry to spread his cap hit over next three seasons
The Heat brought in Kyle Lowry by a sign-and-trade during the 2021 NBA offseason and the team has undeniably improved since his arrival. Both of Lowry’s years in Miami have ended with a trip to the Eastern Conference finals at the minimum.
There were rumors around the NBA trade deadline last season that suggested the Heat were OK with moving on from Lowry; however, that didn’t take place and he became a major role player during the team’s historic playoff run.
The 37-year-old point guard has one year left on his contract but the cap hit is pretty high at $29.68 million. This has caused chatter that suggests the Heat could try to move on from his contract due to tax concerns.
According to the Miami Herald’s Barry Jackson, the Heat are considering the idea of releasing Lowry by using the waive-and-stretch provision if they are unable to trade him this offseason. This is certainly a surprising development.
Lowry would be on the Heat’s salary books for the next three seasons with a cap hit of $9.9 million. For a team that is looking to make a run back to the NBA Finals, this would be a major blow if it doesn’t land Lillard or another star player.
In this scenario, the Heat would almost certainly re-sign Vincent as they would have no other point guards on the roster. The idea may seem good to save money with the luxury tax during the 2023-’24 season but the organization is better off keeping Lowry or trading him for depth.
Miami is unable to do much in free agency and can’t perform any sign-and-trades unless it moves players such as Lowry, Duncan Robinson, or others. This is why the idea of waiving the 37-year-old point guard would be poor from a competition perspective.
The Heat have until September 1 to make a decision on Lowry but it might be smarter to wait and move him before next season’s NBA trade deadline as his expiring contract would be appealing to teams looking to create cap space.