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Miami Heat’s new offseason outlook after re-signing Caleb Martin

The Miami Heat re-signed forward Caleb Martin to a three-year deal that created ripple effects. What is the new outlook and latest news, rumors, and updates?

Austin Konenski
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Credit: Bill Streicher-USA TODAY Sports

The Miami Heat re-signed Caleb Martin to a three-year, $20.5 million fully guaranteed contract with the entire taxpayer mid-level exception. This takes the Heat out of the market for many free agents. What is now the outlook for the team after re-signing the athletic wing?

Miami Heat future free-agent signings during the 2022 offseason

The majority of the Miami Heat’s free-agents spending has come to an end after re-signing guard Victor Oladipo, center Dewayne Dedmon, and wing Caleb Martin to new deals.

Due to the non-taxpayer mid-level exception hard capping an organization, the Heat were limited to the taxpayer mid-level exception since they are actively trying to avoid the hard cap. This also means sign-and-trades are out of the question since they hard cap an organization too. Therefore, the only signings that Miami will realistically make are now minimum contracts.

The Heat’s roster currently sits at 13 players and will be 14 players if forward Udonis Haslem decides to return for a 20th season with the organization. Since the Heat is very close to the luxury tax, it seems unlikely that a 15th player will be added unless it will truly benefit the team and be an active part of the rotation.

At this point, the Heat’s free-agent spending is likely over pending a trade that sends more than one player out for a star player of starting four.

Updates on possible trades for the Miami Heat

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The Miami Heat is still on the hunt for Kevin Durant and waiting for clarity on the developing Donovan Mitchell situation in Utah. The trade market is the biggest avenue for Miami to acquire new players.

The Brooklyn situation with Durant has free agents and some possible trades stalled out due to the nature of negotiations and interest from a wide variety of organizations. Miami was reportedly listed as one of Durant’s preferred destinations but it’s hard to imagine a deal being made without Bam Adebayo being included. The Nets are looking for an all-time package for their superstar.

It would likely take a multi-team deal that would send Ben Simmons to another as Brooklyn cannot acquire Adebayo without moving the former first overall pick due to the designated player rule.

Tyler Herro, Kyle Lowry, Duncan Robinson, and others are likely not enough for a possible trade as the Nets seek All-Star-type players with the current situation of their draft picks.

Mitchell and Utah is a completely different story. The Jazz traded three-time Defensive Player of the Year award winner Rudy Gobert to the Minnesota Timberwolves and created massive speculation. It appears the Jazz are on the verge of a full rebuild but ESPN’s Brian Windhorst reported on Thursday morning that Utah doesn’t intend to trade Mitchell and he is not forcing a trade yet.

However, it could be used as leverage to maximize value on Utah’s end as they look for a massive package for its star guard. That storyline will be one to watch as the offseason continues to take shape.

If the Miami Heat were to miss out on Durant and Mitchell, it’s very likely that a Tyler Herro extension in the range of $27 million per year will come at some point following clarity on the situations. This doesn’t mean Miami can’t make another trade and it likely will find a starting four with Duncan Robinson’s contract this offseason.

Victor Oladipo’s updated contract creates intrigue

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It was reported on June 30th that Victor Oladipo would sign a one-year, $11 million contract with the Miami Heat after spending the last two years with the organization. However, Oladipo agreed to restructure his contract on Wednesday which will give him a two-year contract with roughly $2-3 million less in the first year and more money overall.

This gives the Heat flexibility when it comes to the luxury tax and a potential hard cap. This might be all it is for Miami but it could signal a potential trade where it brings back more many than Duncan Robinson’s salary.

Sacramento Kings forward Harrison Barnes still remains one of the most realistic trade options for Miami and he will make $1.45 million less than Robinson next season. If there were to be a potential trade for Barnes, it doesn’t mean Robinson would necessarily end up in Sacramento as they can re-route him to a third team.

Perhaps, this is looking too far into it when it comes to why Oladipo restructured his new contract. It does give the 30-year-old guard more long-term security on a two-year deal. It is still a great signing for both the Miami Heat and Oladipo as they both will look to build on a full offseason of work together with the potential of a starting role next season.