After considering multiple options with Kyle Lowry, the Heat has decided against one of them: waiving and stretching his contract.
The Heat instead is now focused on using his salary in a trade for Damian Lillard or another potential deal, according to a league source.
Miami also is comfortable beginning next season with Lowry on the roster if he isn’t traded this summer. More trade opportunities could open before next February’s trade deadline.
Two people in contact with the Heat said Miami had considered using the waive-and-stretch provision on Lowry, which would have meant absorbing cap hits of $9.9 million each of the next three seasons instead of a $29.7 million hit on next year’s cap, should he remain with the team.
But the Heat ultimately has decided against that, according to a source, in part because the $9.9 million cap hits in 2024-25 and 2025-26 would be burdensome.
Lowry’s salary could be used as ballast in a trade for Lillard, who remains Miami’s No. 1 offseason target.
If Lowry isn’t included in a deal with Portland, Miami could re-engage with the Clippers, who are seeking veteran point guard help. A combination of power forward Marcus Morris and either Robert Covington or Terance Mann could satisfy cap rules, but the Heat might need to offer something else.
Ideally, the Heat would like to be able to trade Lowry either in a Lillard package, or to a team that can absorb his salary and send Miami back a useful player earning significantly less - a scenario that would lower the Heat’s tax bill. But that second option might be difficult to pull off because a limited number of teams have the cap space to take back a lot more money than they send out.
The Heat appreciates Lowry’s contributions during the playoffs and how professionally he handled himself when moved to a bench role. Attempts to move his contract are financially-driven more than anything.
STRUS INTEREST
▪ Indiana, Detroit and Chicago are expected to be among the suitors for Max Strus when free agency begins at 6 p.m. Friday. A source close to Strus expects he will command the $12.3 million mid-level exception or potentially something higher from the Pacers or Pistons.
▪ The Heat very much values Caleb Martin and it could be a point of contention if Portland insists on acquiring him in a Lillard trade. While it’s doubtful that a request for Martin would torpedo a deal, the Heat would like to keep him.
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