11:50 am: While he confirms that Smith will sign with the Heat, Ira Winderman of The South Florida Sun Sentinel hears that the former lottery pick will not be with the team at the start of training camp (Twitter references).
According to Winderman, Smith will receive an extension 10 contract and will likely return to Sioux Falls to start the season. If he opts out before the start of the 2026/27 season and spends at least 60 days with the Skyforce, Smith will be eligible for a bonus of up to $91,000 on top of his G League base salary.
11:20 am: Free agent point guard Dennis Smith Jr reached a contractual agreement with Heatagent Daniel Hazan says Chris Haynes of NBA on Prime and NBA TV (Link to Twitter).
According to Haynes, the Heat have been keeping a close eye on the seven-year veteran throughout the offseason.
Terms of the deal were not disclosed, but Smith’s contract with Miami is likely not guaranteed. This could be a training camp deal that won’t count against the salary cap unless Smith makes the regular season roster.
An explosive athlete who played one season of college basketball at NC State, Smith was selected No. 9 overall in the 2017 draft. He bounced around the league over the next seven seasons, playing for the Mavericks, Knicks, Pistons, Trail Blazers, Hornets and Nets from 2017 to 2024.
While the 28-year-old has developed into a very strong perimeter defender and his decision-making has also improved, his jump shot has been inconsistent throughout his time in the NBA. He has career averages of 9.7 points, 4.2 assists, 3.0 rebounds and 1.2 steals on .407/.298/.674 shooting in 326 games, including 152 starts (23.2 minutes per night).
In the 2024/25 season, Smith spent more than two months with Real Madrid, but only played four times for the Spanish side. The North Carolina native spent most of last season in the G League, playing 11 games for the Wisconsin Herd and 21 for the Sioux Falls Skyforce, Miami’s affiliate. In his 32 combined games, he averaged 8.1 PPG, 5.6 APG, 4.5 RPG and 1.7 SPG on .382/.280/.591 shooting.
The Heat are $2.6 million under the first apron cap with 14 players on standard contracts. Carrying the 15th man on the veteran’s minimum deal would hit the cap at $2.45 million, so technically the team has the option to go that route. However, it would be a little surprising if that happened, as it would limit the team’s flexibility during the season.
Smith signed a training camp deal with Dallas last fall, but did not make the team’s regular season roster.
