PORTLAND, Ore. _ The irony of the Miami Heat's machinations at Thursday's NBA trade deadline is how they emerged as perceived winners because of the ability to open at least $27 million in cap space for the coming offseason.
As in an offseason when the free-agency pool is particularly weak.
As in an offseason when the Heat are positioned to only offer one-year contracts.
As in ... when has cap space mattered to Pat Riley anyway?!!!
(Sorry.)
Remember, this is someone who sat in front of LaMarcus Aldridge and Kevin Durant without nearly enough cap space to make an offer, and made offers anyway.
Someone who did not have a single iota of cap space last summer and still found a way to sign Jimmy Butler to a four-year, $142 million free-agent contract.
Someone who lacked enough space under his team's hard cap on Thursday to add a player for even a week's worth of pay and nonetheless added Andre Iguodala (and Jae Crowder and Solomon Hill).
Granted, there are times when Riley, Andy Elisburg and the Heat front office have squirreled away every last penny of cap space, such as the 2010 offseason that landed LeBron James and Chris Bosh alongside Dwyane Wade.
And, for years now, that has been the goal for the 2021 offseason, when Giannis Antetokounmpo will be attacked with the same free-agency fervor as James and Bosh in 2010.
But that also is why not all is as it appears _ or all is as it has been made out to be _ about the Heat excising the $27 million that had been on the books for Dion Waiters and James Johnson for next season.
Because unless that $27 million in cap space, plus some extra cap cash Riley will find under a sofa cushion, turns into Anthony Davis in July, it likely will have a negligible impact on augmenting what currently is in place (barring utilizing it further in offseason trades).
In order for the Heat to maintain maximum cap flexibility for 2021 free agency, none of that $27 million in cap space (up to $40 million if Kelly Olynyk opts out), can be spent on contracts that go beyond 2020-21.
So, yes, the money can be utilized to extend the Heat tenures of Goran Dragic, Meyers Leonard, Crowder, possibly even Hill, for another season. In fact, even more than that $27 million to $40 million can be spent for 2020-21 because of each of the aforementioned holding Bird Rights. And there remains the possibility of a longer-term deal for Derrick Jones Jr. using the margins of potential leftover 2021-22 cap space beyond a max-level signing.
It is why Iguodala's two-year, $30 million extension includes a team option for 2021-22. And it is why Danilo Gallinari seeking a 2021-22 guarantee on an extension proved to be a dealbreaker.
What the trades of Waiters and Johnson means is that instead of carrying them on the books next season, the Heat could _ should they care to _ instead more easily buy another season of Dragic, Jones, Leonard, Crowder or any of the team's expiring contracts.
Because unless a prime (non-Anthony Davis) free agent this summer is amenable to a one-year contract (possibly with a team option for 2021-22), there simply isn't much of a market for Riley, Elisburg, Adam Simon and the Heat front office to shop.
In other words, the newly minted $27 million in 2020-21 cap space won't exactly be burning a hole in the Heat's pockets.
At least not if the goal remains a July 2021 spending spree.
