The Miami Heat has traded out of the first round of tomorrow’s draft, sending its No. 18 pick and guard Daequan Cook to the Oklahoma City Thunder for the No. 32 overall pick in the second round.
Pat Riley has publicly acknowledged his preference to build through free agency and on the eve of the draft he has held true to his word, opting instead for the added cap space this trade creates.
The move corrects an error made by Riley back in October, when he violated his self-imposed plan to maximize the team’s cap space for the coming off-season and instead chose to pick up Cook’s team option for next season – to the surprise of many, including Daequan. Cook has since regressed, in his fourth and final season under his rookie scale contract.
For Oklahoma City, this deal makes a great deal of sense. The Thunder receives a quality shooter and a top 20 pick for the 32nd pick. And something tells me general manager Sam Presti isn’t done swapping. Now OKC owns three first rounders – Nos. 18, 21 and 26 – and could use them as a springboard to move up a little more.
For Miami, this is a straight salary dump. The Heat not only jettisons the $2,169,857 on Cook’s contract for next season, but also the $1,237,500 salary it would have been obligated to pay the No. 18 selection in Thursday’s draft. In total, the Heat saves $3,407,357. Read more…