The Miami Heat are facing a critical decision in the 2024 NBA free agency period after losing a key player.
When news broke that the Philadelphia 76ers had officially signed Caleb Martin to a four-year, $32 million contract nearly a week into the 2024 NBA free agency period, it was a major blow to the Miami Heat. Despite the Heat’s reported attempt to secure Martin with a five-year, $65 million contract before he entered free agency, the former undrafted free agent from Nevada misjudged the market under the new CPA. Losing a homegrown star like Martin for nothing has left a significant gap in the Heat’s roster, one that will be challenging to fill given their current cap situation.
The Heat may seek to find a player using the Taxpayer MLE and hope to transform them into a 10-points-per-game contributor, similar to what Martin provided in 2024. It’s likely they’ll offer this contract to someone still available on the market, who could potentially exceed expectations, as often happens with players who join Miami. However, they can’t afford to make the same mistake again. Another forward, Haywood Highsmith, is now a free agent, and the Heat can’t afford to lose him.
Haywood Highsmith: A Worthy Investment for the Heat
Highsmith’s journey to the NBA began with a local tryout for the Delaware Blue Coats out of Wheeling. He progressed from a feel-good story to a legitimate role player, initially signing a 10-day hardship exemption contract with the Heat in December 2021. He then secured a three-year deal with the team in the spring of 2022 after a pair of standard 10-day contracts.
Although Highsmith’s contributions were minimal in the 2021-22 season, he gradually carved out a larger role each year. The 2023-24 season saw him achieve career highs in points, minutes, games played, and starts. Highsmith has developed into a reliable 3-point shooter, hitting 39.6% of his shots from beyond the arc last season. He’s also become a strong perimeter defender, capable of switching across positions and defending top perimeter players. While he may primarily be a 3-and-D wing who moves in and out of the starting lineup based on the Heat’s needs, his journey from Wheeling to a key player on a championship contender is impressive. If the Heat can secure Highsmith for $6-8 million annually, it would be a significant win for the team both now and in the future.
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The Heat’s Reaction to Caleb Martin’s Free Agency
Barry Jackson of the Miami Herald reported on the negotiations between the Heat and Martin, revealing that Pat Riley and his team were “dumbfounded” by the outcome. The Heat had offered Martin a much better deal than the one he accepted with Philadelphia.
“Miami could not make a similar offer after free agency started because it would have involved Martin opting in with much bigger salaries in subsequent years,” Jackson wrote via Fadeaway World. “So Martin turned down five years, $65 million from the Heat, and then a week later settled for what ESPN said is four years, topping $32 million from the 76ers. Martin’s rep thought the Heat’s offer wasn’t good enough, which dumbfounded the Heat. This Heat/Martin negotiation last weekend was quite intense, according to two sources. Martin’s camp thought the Heat was trying to force him to take what his rep thought was a below-market deal and made that clear. The Heat thought this was a very good offer (it was) and made that very clear.”
Is there more to this story than initially reported? Probably. It’s hard to believe Martin intentionally accepted less money from Philadelphia than Miami, given that both teams are in similar contention positions. If Martin truly believed this was the best deal he could get in free agency and that the Heat were low-balling him, he might need to reassess his representation. Leaving $33 million on the table, even over two more years, is not good business.
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