Shocking news here …
LeBron & Bosh start at $14.5M … $2M less starting salary than max. Wade starts at $14.2M. Overall each took about $15M less
Breaking: Contract details of LeBron, Wade & Bosh LeBron & Bosh sign 6 year, $110M dollar deals. Wade signs 6 year, $107M dollar deal.
Sign and Trades
The Raptors will get two first round picks (one of them their own) in return for a sign-and-trade for Chris Bosh. Toronto will receive Miami’s 2011 first round pick.
A sign-and-trade will also be completed for LeBron James with Cleveland as well. The Cavaliers will receive a trade exception worth $16 million and two future first round picks and a second rounder, according to Windhorst.
Miami is trying to find a way to keep Udonis Haslem.
All three will get six-year contracts from the Heat, though they won’t get max money.
Three of the Heat’s future first round draft picks + the protected future first round pick.
That is a heavy cost but if it allows them to build a strong enough supporting cast to win a title this year and be the favourite every season for the next five years … well, then it’s worthwhile.
I’m sure the idea of taking less money was more palatable after being guaranteed a sixth season on their contracts.
Miami’s Cap Space
Nice graphic on RealGM
That is a very nice summary of Miami’s situation.
Note: If this new figure of $25 million over 5 years for Mike Miller is accurate then that starting figure of $5.17 million looks high. Miami should have more money available, perhaps as much as a million more, if that report is correct.
Update: Larry Coon writes that the Heat have closer to $4 million likely because of the difference in Miller’s salary
Once Miller is on board the team would have just $4 million remaining to spend on free agents.
ESPN now has an article up on their website on this situation
LeBron James and Chris Bosh are both members of the Miami Heat and both came at a cut rate.The Heat’s two newest superstars signed matching six-year, $110.1 million contracts, sources told ESPN The Magazine’s Ric Bucher. Heat fan favorite Dwyane Wade took an even bigger discount to stay in Miami, signing for six years and $107.5 million, according to the sources.
Sources told ESPN.com’s Chad Ford that James and Bosh are both scheduled to make $14.5 million next season, while Wade will clock in at $14 million in 2010-11.
Apparently there is an opt out clause included now (presumably to get a nice long six year extension at that point, likely the last big contract for Wade and Bosh)
Each player took $15 million less to sign with Miami, but the deals came with a caveat.
All three players, sources told ESPN.com’s Marc Stein, have an early termination option in their contracts after the fourth season that would allow them return to free agency in the summer of 2014. In all three cases, each player also possesses a player option entering the final season of the contract (2015-16).
Bosh and James’ deals were completed through sign-and-trades, making all three eligible for 10.5 percent raises each year.
ESPN has the exact details on the picks involved
The Heat sent two future first-round and two second-round picks to the Cavaliers for James, while packaging two first-round picks to the Raptors for Bosh.
Sources told ESPN The Magazine’s Ric Bucher that Toronto reacquired their first-round selection in 2011, which Miami had from a 2009 trade that sent Shawn Marion to the Raptors, and added the Heat’s own first rounder in 2011.
Miami then sent their first-round picks in 2013 and 2015 to the Cavaliers and Cleveland has the option to swap first-round picks in 2012, according to a league source.
ESPN has a lot more information and reaction from the introduction of the Big Three in Miami.
Free Agent Targets
The number one target here is Udonis Haslem but I’m not sure if he’ll accept a $3 to $4 million starting salary deal.
If Haslem refuses, I think Miami’s next target will be one of their own free agents, Dorell Wright. They like him a lot and he is one of the best players on the market in that price range.