The Miami Heat’s bid for a three-peat – to many, the ultimate basketball accomplishment, and a prerequisite for dynasty status – has fallen short. In the wake of this frustrating failure, we’re all left wondering what the future holds. We’re all left wondering if this is the end of something great, or maybe just a bump in the road at the start of something greater.
LeBron James, Dwyane Wade and Chris Bosh are all eligible to become free agents this summer, but, following last Sunday’s crushing loss to the San Antonio Spurs, they deflected questions about their NBA futures. They each plan to take some time and talk with their families before eventually deciding how to move forward. The wait is infuriating. The uncertainty unnerving.
Of the 15 players currently under contract, 13 can or will become free agents at season’s end.
There are eight players with expiring contracts: Greg Oden, James Jones, Mario Chalmers, Michael Beasley, Rashard Lewis, Ray Allen, Shane Battier and Toney Douglas. Battier will retire. Allen may retire. The status of the rest remains unclear.
There are five players with player options/ETOs: James, Wade and Bosh, as well as Udonis Haslem and Chris Andersen. Haslem and Andersen are likely to be back with the Heat next season, though they may opt out of their contracts to help the Heat maneuver around salary cap issues. Andersen has reportedly already declared his intention to decline his option.
The final two current Heat players are under contract through next season as well: Norris Cole and Justin Hamilton. Hamilton’s salary is non-guaranteed.
The Heat also has its first round pick (No. 26 overall), its second round pick (No. 55 overall), and its 2013 second round pick James Ennis to consider.
Amid this cloud of uncertainty, the Heat did receive a bit of good news in April, when the NBA issued new projections for the 2014-15 salary cap and luxury tax thresholds. All 30 teams were informed via league memorandum that an increase in the cap from this season’s $58.6 million to $63.2 million next season is expected. A corresponding rise in the luxury tax threshold from $71.7 million to $77.0 million is also expected. These are the last non-binding forecasts that will be provided by the league until the official cap and tax thresholds for next season are announced in early July, following a league-wide audit.
With the gravity of these projected increases, many of us have been seduced into thinking that the Heat will have the necessary maneuverability with which to materially improve this summer. But does that line of thinking have any basis in reality? It all depends upon what you believe James, Wade and Bosh are willing to sacrifice. Read more…