The Miami Heat signed Patrick Beverley to a two-year, $1.3 million fully-guaranteed contract on Monday. That much we know.
What we don’t know is why. Why did the Heat sign him? Why did they sign him so soon? And why did they fully guarantee his contract?
Despite the guarantee, Beverley is still far from a lock to make the regular season roster.
The Heat currently has 14 veterans under guaranteed contract. Teams can have as many as 20 players under contract during the offseason, but must pare down to 15 by the start of the regular season.
Beverley figures to compete with Kenny Hasbrouck, Shavlik Randolph, and Da’Sean Butler for the 15th and final spot. Hasbrouck and Randolph have each signed a $250,000 partially guaranteed two-year minimum salary contract, while Butler should be signed shortly. Despite the ACL tear in his left knee, Butler is currently thought to have the inside track.
Beverley was initially selected with the 42nd overall pick by the Los Angeles Lakers in the 2009 NBA Draft. His draft rights were immediately traded to the Heat in exchange for a 2011 second-round pick and cash considerations.
If Beverley should fail to make the opening day roster, the Heat would lose his draft rights. Pat Riley will have wasted the $1,500,000 (and the 2011 second round pick) it took to acquire his draft rights, the $473,604 he is guaranteed for this season, the $788,872 he is guaranteed for next season, and the $788,872 in tax consequences his contract will almost certainly cause next season. That’s a total of $3,551,348. Wasted.
So why did the Heat sign him? Read more…