JUNE 28: The Heat have decided against using the stretch provision on Lowry, according to Jackson.
The team will look to use Lowry’s expiring contract in a trade this offseason for Lillard or another player, but if no deal emerges, Miami is comfortable beginning the season with the veteran guard on its roster and revisiting trade scenarios during the season, says Jackson.
JUNE 27: The Heat have been considering the possibility of waiving and stretching the final year of Kyle Lowry‘s contract if they’re unable to find a suitable trade involving the veteran point guard, two sources tell Barry Jackson of The Miami Herald.
Lowry will earn approximately $29.7MM in the last season of his three-year contract with the Heat. That expiring salary could be useful for matching purposes if Miami makes a trade for a player like Damian Lillard.
However, if the team doesn’t make any major deals and wants to re-sign Gabe Vincent and/or Max Strus, its salary projects to be far beyond the luxury tax line, meaning that waiving and stretching Lowry would generate substantial savings.
Using the stretch provision on Lowry would spread his cap hit across three seasons, with charges of approximately $9.9MM per year. As Jackson outlines, going that route would reduce Miami’s salary commitments for 2023/24 from about $178.5MM to $158.5MM, moving the team at least temporarily out of tax territory and well below both tax aprons.
In that scenario, the Heat would probably surpass the tax line ($165MM) again by re-signing Vincent, but would be on the hook for a much smaller bill and could stay below the restrictive second tax apron ($179.5MM).
Besides potentially being a useful salary-matching trade chip, Lowry also still has some value on the court, having averaged 11.2 PPG, 5.1 APG, and 4.1 RPG in 55 regular season games (31.2 MPG) last season. So Miami is unlikely to waive him early in the offseason simply to save some money, especially when stretching his salary would add nearly $10MM in new money to the club’s books in both 2024/25 and ’25/26.
Still, Jackson’s report suggests the stretch provision is an option the Heat aren’t ruling out, and it’s worth noting there’s no rush to make a decision immediately — Lowry’s contract could be stretched anytime before September 1.
Victor Oladipo, who will likely exercise his $9.45MM player option this week, is another potential waive-and-stretch candidate for the Heat, Jackson notes.
I would love to see Lowry included in a possible Lillard trade to help Scoot learn from an NBA championship starting PG not named Chauncey Billups. Any team would benefit from having him on their team. But you would have to include Martin in your trade for Lillard. Tyler Hero is not necessarily needed in PDX but he would definitely help.
With the new CBA coming in any team that has stretched a player will have too much dead money on their books…
It makes far more sense to let him expire or find a salary dump trade…
Lol. Lowry deal was a joke from day 1.
It was such a joke that they got to the nba finals and ECF game 7 where 3 points were stolen away by secaucus, NJ…
That’s both of the seasons of the deal…
Lol. He signed a 3yr deal. He was so bad he was benched after returning from injury. That deal was AWFUL
Lowry contributed nothing.
Not every expiring contract will have trade value there’s to many of them
No reason to rule out anything. But, regardless of their other off season moves, basketball-wise W&S would almost certainly be a negative. Paying tax on the entire 30 mm for 2023/24 gives them a chance to stay out of the worst features of being in the tax over two years after next year (when they’re fully phased-in). But an owner certainly has to look at the amount. MIA’s team budget won’t cover this level of luxury tax. In the end, I don’t see it.
John Collins got only Rudy Gay and a second. Lowry would only bring back another bad contract. Houston may take him if Miami throws in a pick.
This probably only happens of Houston whiffs on getting a superstar, then can they get a 1st for Kowry and tank to get bronny and then have the cap to acquire lebron
Heat should trade Lowry and salary for Chris Paul
Throw up a candy if needed
Lowry, victor and picks for Paul
I could see this being a way to keep Strus, but I still think its fat more likely that the Heat look for help at the 2/3 to replace Strus, and 1 or 2 players at the 4, 1 of which can hopefully play smallball 5. Not sure about Kevin Love’s situation eother…
The things the heat have done indicate to me they’re trying to replace Strus, and looking for a cheaper potential Duncan replacement b/c of the new CBA. I was hoping they would bring back certain guys they had the last couple of years, but they are trying to hold Cain.
I personally wouldnt do that with Lowry. The Heat are in much different position after this season. With Oladipo out, they need Lowry defensively,and as a playmaker and floor spacer. So unless you’re trading for 1 of the types of players I’ve mentioned before, I wouldnt be moving certain people right now. The kid they drafted would have been nice the last few years, but I’m curious about the fit going forward
Very rarely would I advise stretching, maybe Paul if he would have stayed in phx made sone sense
Important to note this contract becomes extremely more attractive at the trade deadline
They’ll know more what they need , sellers have to discount 30% from today usually and they make sure they get a healthy / ballin player for the stretch run.
Is there a deadline for the waive and stretch? It just sounds like Miami wants to do it now and I feel like they can re-sign their own guys and waive Lowry at a later date, no?
Sept 1
The stretch provision can technically be used at any time of year, but if you want to stretch the CURRENT season’s salary, it has to be done on or before Aug. 31.
From Sept. 1 onward, you can only stretch future seasons (which, of course, wouldn’t apply to someone on an expiring deal like Lowry).
why not trade him and another asset to the Rockets? He could mentor their kids and 1 Yr of 30MM is better than 4 that FVV would cost
BigBooty!! Worth every penny twerking it in the 305 too bad he plays like a 304