Pat Riley wasn’t expecting to use the Miami Heat’s $2.898 million mid-level exception for room teams this summer.
“As far as the $2.9 million room exception, we’re going to hold on to that,” Riley said on July 16. “I don’t think we’re going use it for the rest of the summer. There isn’t anybody out there right now that I want to give it to.”
Little did he know, things would dramatically change just two days later.
There had been mutual interest between Riley and Oklahoma City Thunder free agent shooting guard Dion Waiters since the start of free agency. Any such possibilities, however, were rendered effectively meaningless by virtue the fact that he was a restricted free agent.
Waiters’ restricted free agent status caused two serious problems for Riley(1).
First, it meant that Riley would need to offer a contract that would not only be acceptable to Waiters, but also one that would be high enough such that he could be relatively certain the Thunder would not match. The Thunder, at the time, were expected to match any reasonable offer.
Second, it meant the contract would need to be for at least two seasons in length (not including any option years).
The combination made a Heat pursuit of Waiters effectively impossible. Any first-year salary that, at the start of free agency, figured to be high enough to entice the Thunder not to match would also need to contain a second-year salary high enough to destroy any of the Heat’s grand visions for the summer of 2017. The Heat has big plans for that summer. Read more…