Miami Heat

Will the Heat 'stay the course'? Making sense of Miami's 2020 free agency situation

Fresh off an NBA Finals appearance, the Miami Heat face an interesting offseason as they look to continue to build on their success in 2019-20.

During his end-of-season media availability, Heat president Pat Riley said the team plans to "stay the course" while taking care of the current players on the squad and maintaining financial flexibility for what is expected to be a blockbuster free agency period in 2021.

To get a better sense of the Heat's situation entering free agency this offseason, which was originally scheduled to begin on Oct. 18 but has since been pushed back to a date still pending, here's what the franchise has to work with.

The salary figures below are from ESPN, which are based on the salary cap being the same next season as it was this season. There's a chance the figures will be higher or lower depending on what the salary cap is set at for 2020-21.

Guaranteed salaries

Name 2020-21 Salary
Jimmy Butler $34,379,100
Andre Iguodala $15,000,000
Bam Adebayo $5,115,492
Tyler Herro $3,822,240
KZ Okpala $1,517,981
Chris Silva $1,517,981

Player options

Name 2020-21 Player Option
Kelly Olynyk $12,598,243

Team options

The Heat have no team options for next season.

Unrestricted free agents

Name 2020-21 Cap Hold
Goran Dragic $28,826,850
Solomon Hill $19,138,172
Meyers Leonard $16,929,773
Jae Crowder $14,849,513
Udonis Haslem $1,707,576
Derrick Jones Jr. $1,707,576

Non-guaranteed

Both Kendrick Nunn and Duncan Robinson will each be on the books for $1,663,861 next season if their contracts are guaranteed.

Dead cap

Name 2020-21 Player Option
Ryan Anderson $5,214,583
A.J. Hammons $350,087

Exceptions

Type Amount (remaining)
Non-Taxpayer Mid-Level Exception $9,258,000
Bi-Annual Exception $3,623,000
Trade Exception $7,533,867

Cap space

Assuming Kelly Olynyk opts into his deal, the Heat are projected to have around $21 million in cap space in free agency. They have bird rights on their free agents and can go over the cap to re-sign them, making it possible that the likes of Dragic and Crowder return for next season.

Bam Adebayo is eligible for a max rookie scale extension, which will have big implications for the Heat's cap, given his $15.3 million cap hold for 2021. His max salary will be nearly double that, so if he signs the extension this offseason, the difference above $15.3 million will eat into their future cap space.

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