Hoops Rumors examines the 2026 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures and more. We’ll take a look at each team’s moves in the offseason and take a look at what else could happen before the regular season begins. Today we focus on Miami Heat.
Signing free agents
- Klay Thompson: Two years, $11,480,000. Second year player option. Includes trade kicker (15%). Signed using the mid-level non-taxpayer exemption.
- Tim Hardaway Jr: One year, $6,065,000. Full warranty. Signed using the mid-level non-taxpayer exemption.
- Simone Fontecchio: Year, minimum wage. Full warranty. Rewritten using minimum wage exemption.
- Nick Richards: Year, minimum wage. Not guaranteed. Signed using the minimum wage exemption.
- J’Von Hadley: Year, minimum wage. Not guaranteed (app. 9/10). Signed using the minimum wage exemption.
Trades
Drafts
- 2-37: Ryan Conwell
- Signed to a three-year, $6,346,496 contract with the use of the second-round exception. The second year is partially guaranteed ($1,147,185). Third-year team option.
Two-sided signatures
Abandoned/Unsigned Free Agents
Other moves are listed
- Signed Andrew Wiggins to a two-year, $33,830,356 veteran contract extension that begins in 2027/28. Second year player option.
- Executed command option on Pele Larson ($2,296,271; not guaranteed).
Salary cap situation
Note: Numbers are rounded to one decimal place.
- Operating above the cap ($165 million) and below the first tax bracket ($209 million).
- A hard hat on the first apron.
- Team salary: $206.4 million (tax/apron).
- Above the luxury tax line by $6 million; below the hard cap of $2.6 million.
- A partial exemption is available for middle-income nontaxpayers ($3.4 million) and a full biennial exemption ($5.5 million).
Offseason yet
After falling short of several high-end trade targets in recent years, incl Donovan Mitchell, Kevin Durantand Damian LillardThe Heat finally landed the big fish in the 2026 offseason, reaching a deal with the Bucks to acquire the superstar forward Janice Antecumba. The addition of the two-time MVP immediately raises Miami’s ceiling and creates one of the NBA’s best frontcourt duos, with Antetokounmpo joining a perennial defensive power forward/center Bam Adebayo.
It wouldn’t be entirely accurate to say that the Heat’s win over the Celtics in the Antetokounmpo sweepstakes was a case of the Bucks opting for quantity over quality, but Boston’s offer, reportedly extended to Milwaukee, was led by a second NBA team Jaylen Brownas well as several draft picks. Brown, a five-time All-Star who finished sixth in last season’s MVP voting, is a far more accomplished player than any of the Heat’s offerings.
It was a testament to the Heat’s player development program that they were able to put together a package made up of plenty of solid young guys (Herro, the oldest player to leave, is 26), without having to supplement their salary cap.
As part of the deal, Heath agreed to take on the big man Bobby Portiswho is still a useful frontcourt rotation player, but didn’t fit into the Bucks’ plans for the future. Unfortunately, the inclusion of Portis and a contract that will pay him $30.1 million over the next two years ensured that the Heat would be severely limited in the first tax bracket as a result of the trade and left the team with limited flexibility to fill out its roster around the new star.
There were two obvious ways the Heat could create additional spending heading into the new league year. One was to encourage Andrew Wiggins opt out of the player’s $30.2 million option and sign a new multi-year deal with a lower starting salary, while the other had to be traded Nikola Jovichwhose new four-year, $62.4 million deal was taking effect, increasing the cap from $4.4 million to $16.2 million. Interestingly, Miami did neither.
The decision to stick with Jovic didn’t come as much of a surprise, as the Serbian forward’s trade value plummeted during a disappointing, injury-riddled fourth season in which his shooting dipped to a career-worst .366/.269/.683. The Heat would be selling for pennies on the dollar if they moved Jovic this offseason.
However, the situation with Wiggins was more interesting. The Heat signed the veteran forward to a new contract that will pay him $64 million over the next three seasons. But instead of Wiggins opting out of his option to complete the deal as a three-year free agent that could start at $19.8 million, the Heat completed a two-year, $33.8 million extension with the former No. 1 overall pick after he picked up that $30.2 million option.
The move suggests the Heat aren’t acting on the hope of an immediate win in 2026/27 — they’re taking the long view and want to maintain the flexibility to continue building around Antetokounmpo and Adebayo for years to come. They’ll be in a better position to continue upgrading around that star duo next summer when Wiggins’ cap hit drops from $30.2 million to $16.5 million. And the hope is that by then, Jovic will have regained his value in a year, re-establishing himself as a long-term cornerstone, or at least making himself more tradeable.
Miami’s lack of flexibility cost the 2026 All-Star team Norman Powellwho signed a two-year, $44 million contract with the Bulls that the Heat wouldn’t be able to fit below the first apron. But the front office has done a decent job filling out the back end of its roster with inexpensive rotation players.
That included splitting about $11.7 million of the mid-level exclusion between them Klay Thompson and Tim Hardaway Jrwho will bring range and consistent three-point shooting to a roster that desperately needs it. Simone Fontecchioanother solid outside shooter, accepted a minimum salary contract to return to Miami at center Nick Richards signed a non-guaranteed minimum deal and will provide frontcourt depth, provided he makes the team.
Heath is also excited about the No. 37 overall pick Ryan Conwellwho hit 38.4% on 7.9 three-point attempts per game over his last three college seasons. Bringing him on board on a rookie-minimum deal helped Miami maximize its limited breathing space below the hard cap.
Next
With 14 players under standard contracts and roughly $2.6 million in cap room, the Heat have an opportunity to add a 15th man before the regular season begins, as the free agent minimum salary will carry a cap hit of around $2.45 million. And the team could use another ball-handler.
However, if they can’t find a player who projects to fill a regular rotation role, the Heat could simply leave that spot open for the time being, retaining a little roster and cap flexibility for in-season moves.
It’s also worth noting that the team isn’t necessarily locked down to 14 current players, as Richards’ salary isn’t guaranteed and Myron Gardner has a partial guarantee of $500,000. If necessary, Richards could be traded for a rookie before opening night, when his salary becomes fully guaranteed, while Gardner could be traded at some point before the league-wide guarantee date in January.
Giannis is subject to certain restrictions related to the length of his contract and annual salary up to six months after being traded to Miami, so we probably shouldn’t expect him to sign a new deal until at least January 6th. I wonder what if he does signing for the season, he would have to give up a player option for 2027/28 as part of the deal, and exercising that option may be the best way to maximize his long-term earnings.
Whether it happens in January or next summer, it seems pretty safe to assume Antetokounmpo will sign a long-term, max-salary deal with his new team. Heath certainly doesn’t seem worried about it.
Getting Larsson signed to a new multi-year deal isn’t as important as locking up Giannis, but the 25-year-old Swede was an important part of Miami’s rotation last season as he started 54 times and finished fifth on the team in total minutes played. He is entering the final season of the three-year contract he signed after being selected in the second round of the 2024 draft.
Larsson will be eligible for restricted free agency in 2027 unless he is extended at some point on or before June 30, but it’s worth noting that getting a deal done sooner rather than later ensures the Heat can include him in trade discussions next summer. Depending on the terms of his next contract, a six-month trade restriction could apply, so if he were to complete an extension in, say, October, that restriction would expire by next June.
While I certainly don’t believe the front office will look for the first opportunity to move Larsson, having another mid-sized contract on the books will give the Heat more options next July if they want to hit a trade target.