Heat Day 1 free agency tracker: Heat loses Vincent, keeps Love, adds Richardson

Less than three weeks after the Miami Heat’s season ended in the NBA Finals, free agency is already here.

Free agent negotiations across the NBA can begin today at 6 p.m, with free agent signings permitted to start on July 6 at noon.

Significant upgrades to the Heat’s roster aren’t expected to come in free agency because of its salary cap situation. Instead, those major upgrades will likely have to come through a trade.

What will happen when free agent negotiations open Friday evening? Updates will be posted here throughout Day 1 of free agency.

11:50 p.m.: The Heat dumped Victor Oladipo’s $9.45 million salary on Oklahoma City, which absorbed his contract into cap space.

The Heat gave up undisclosed draft compensation. The teams did not identify the draft compensation.

The deal drops the Heat’s payroll to about $175 million, above the $165 million tax line but below the $182 million second apron.

Oladipo is expected to miss most of next season after knee surgery.

Miami picked up a $9.5 million trade exception that can be used on a player making that amount. But using it would significantly increase the Heat’s tax bill.

8:30 p.m.: Kevin Love is re-signing with the Heat on a two-year deal with a player option on the second year. He will make $3.7 million next season, the most the Heat could pay him under terms of the labor agreement.

He averaged 7.7 points and 5.7 rebounds in 21 games and 17 starts for the Heat in the regular season after joining Miami in February, after taking a buyout from Cleveland. He also made key contributions in the Heat’s run to the NBA Finals.

8:20 p.m.: The Heat is bringing back Josh Richardson on a two-year deal, worth $2.6 million in the first season. There is a player option on the second season.

Richardson had an opportunity to take a larger offer with an undisclosed team but opted to sign with the Heat after speaking with Erik Spoelstra this evening.

The former Heat second round pick -- who can play shooting guard and small forward - averaged 10.1 points and shot 36.5 percent in 65 games, including 10 starts, for New Orleans and San Antonio last season.

The 6-5 Richardson, 29, can play either guard spot or small forward.

7:25 p.m.: As expected, Gabe Vincent left the Heat, taking a three-year, $33 million offer from the Los Angeles Lakers, a source confirmed. Los Angeles used its mid-level exception to land Vincent. The deal is fully guaranteed.

The Heat offered three years and $24 million, with a deal starting at $7.7 million. Miami declined to raise its offer on Friday.

Heat president Pat Riley had coffee with Vincent in Santa Monica, Cal, this week, urging him to stay with the Heat and telling him how much he’s valued. But Vincent wanted a salary along the lines of what the Lakers gave him.

And so the Heat now must find backcourt help via the trade market or with a point guard at the minimum.

Guards who might need to settle for a salary at the minimum include Russell Westbrook, Terrence Ross, Patty Mills, Aaron Holiday, Dennis Smith Jr., Patrick Beverley, Josh Richardson, Austin Rivers, George Hill, Danny Green, Ish Smith, Cory Joseph, Goran Dragic, Wesley Matthews, Derrick Rose and Kendrick Nunn.

5:30 p.m.: With free agency beginning at 6 p.m., the Heat stands at serious risk of losing Gabe Vincent and likely will lose Max Strus.

Miami’s three-year offer for Vincent -- starting between $7 million and $8 million -- is not what Vincent is seeking. The Heat has a bit more time to raise its offer if it chooses, but there’s no indication if that will happen. Another team is expected to offer Vincent more than that.

There had been no sign and trade discussions involving Vincent as of 5 p.m. Eastern Time, according to a source.

Discussions with Cleveland about Strus sign and trade have been ongoing. The Cavs initially balked at the Heat request for a second-round pick before apparently relenting; Miami declined to take an unspecified player that Cleveland offered.

3:30 p.m.: CBS Sports NBA Insider Bill Reiter reported Friday afternoon that guard Kyrie Irving will meet with the Miami Heat, Dallas Mavericks, Phoenix Suns, Houston Rockets, Los Angeles Lakers and Los Angeles Clippers in the opening hours of free agency.

But according to a source close to the situation, the Heat is not currently scheduled to meet with Irving, who will be an unrestricted free agent.

Because of the Heat’s tricky salary-cap situation, it can only offer a minimum contract to Irving. Even a sign-and-trade would be nearly impossible to complete because such a move hard caps a team at $172 million, which is a line the Heat is already above.

1 p.m.: With Max Strus expected to sign elsewhere and Gabe Vincent’s future with the Heat in question, here’s a look back at some of their comments regarding their impending free agency just a few weeks ago on exit interview day.

“I haven’t had a better fit than being here in Miami,” Strus said on June 14. “It’s what I know, it’s what I’m comfortable with. But I’m just excited to see what these next couple weeks, month is going to be about. I’ve never been here before, so I’m just going to take it all in stride and have my agent’s help out with everything. But a comfortability is definitely something to take into account.”

“Obviously, all my time in the NBA has been with the Heat other than my short stint in the G League with Sacramento,” Vincent said on June 14. “I built a lot of great relationships with the organization, with staff. I’m beyond grateful for the opportunity they gave me and the chance they took on me. I’ve been blessed to represent this city and this organization so far.”

Of his Heat experience, Strus added on exit interview day earlier this month: “I couldn’t ask for anything more. I’ve had an unbelievable time here. I did what I came here to do for myself. They gave me an opportunity and I took advantage of it. I will forever be thankful to coach [Pat] Riley, coach Spo, Andy [Elisburg] for keeping me around and giving me the opportunity to take that step in my career. I couldn’t have asked for anything better. “I’ve been spoiled the last two years. Playing as a starter, getting to the Eastern Conference finals last year, getting to the NBA Finals this year. I don’t think people realize how special that is and it doesn’t happen for a lot of people. So I have a lot to be thankful for. This place is always going to have a special place in my heart.”

11 a.m.: The Heat’s offer to Gabe Vincent is not what Vincent is looking for, raising the chances of Vincent leaving the Heat as a free agent, according to a source.

The Heat proposed a deal similar in structure to Caleb Martin’s three-year, $20.6 million deal, but with a bit more money. But a salary in the $7 million range is less than Vincent’s expectations.

He likely will leave unless Miami raises its offer.

Heat president Pat Riley met with Vincent in Los Angeles this week to encourage him to return.

Meanwhile, Max Strus is very likely going to leave the Heat in free agency.

The Heat, Cleveland and a third team have discussed a sign and trade in which Strus would go to the Cavaliers and the Heat would get a trade exception and a second-round pick.

Indiana and Detroit are among other suitors for Strus.

The Heat has $179.3 million in payroll commitments without Strus and Vincent, well above the $165 million tax line. Signing one of them to a deal in the $12 million range would add more than $30 million to the Heat’s tax bill with its current payroll.

Miami could replace Strus or Vincent only through a trade or with a player making the minimum.

9:50 a.m.: The NBA offseason never disappoints.

The NBA world was surprised by the news Thursday that James Harden exercised his $35.6 million option for next season in order to have the Philadelphia 76ers trade him.

ESPN’s Adrian Wojnarowski listed the Los Angeles Clippers and New York Knicks as teams expected to have interest in trading for Harden. And The Athletic’s Shams Charania reported Thursday night that the Clippers and Miami Heat “are expected to emerge as suitors for Harden.”

The Athletic’s Sam Amick then reported Friday that Harden “wants to play for the Clippers, and the Sixers are already in the process of discussing his desired move” and cited sources who say “there is strong optimism on Harden’s side that [a trade to the Clippers] will indeed happen.”

The expectation for now is the Heat’s primary trade target will remain Portland Trail Blazers star guard Damian Lillard, who has yet to request a trade and is still contemplating his future in Portland. Multiple sources close to the situation are skeptical about just how interested the Heat is in trading for Harden.

One benefit to dealing for Harden is it could allow the Heat to reset its books, as he has just one year left on his contract worth $35.6 million. If the Heat could get the 76ers to take some of its big multiyear contracts in exchange for Harden, Miami would be able to clean up its salary-cap situation for future seasons.

But Harden also turns 34 in August and could end up as a one-year rental. How much would the Heat really be willing to give up for a player who could leave next summer?

The Athletic’s John Hollinger offered a potential package the Heat could offer for Harden, writing: “The Heat can present by far the simplest deal for Philadelphia by sending Kyle Lowry’s expiring deal and one other pint-sized contract [either Haywood Highsmith or Nikola Jović] for Harden. Obviously Miami would have to include additional assets — possibly including first-rounder Jaime Jacquez and/or a lightly protected first-round pick in 2028 or 2030. In the wake of such a trade, the Sixers could stretch Lowry’s $29.7 million salary for 2023-24 and end up well below the tax apron.”

Harden asking for a trade could hurt the Heat in two ways:

1). Miami’s efforts to trade Lowry. The Clippers were the one team linked to Lowry that had player assets that could have helped the Heat, such as Marcus Morris or Norman Powell. The Clippers likely wouldn’t be in play for Lowry if they acquire Harden.

2). If the 76ers receive a Clippers first-round pick in a trade for Harden, that could bolster a hypothetical Philadelphia trade offer for Heat target Lillard.

The 76ers have only one tradable first-round pick. If the Clippers give them a first-rounder (in either 2027, 2028 or 2029) in a Harden deal, Philadelphia could then offer Portland a formidable package of Tyrese Maxey, Tobias Harris’ expiring contract and two first-round picks.

That could trump any offer by the Heat or perhaps the Brooklyn Nets.

The 76ers’ level of interest in Lillard remains to be seen, and Lillard’s interest in the 76ers is also unclear.

Though Lillard named the Heat and Nets as teams that appealed to him when questioned by Showtime’s Brian Custer, he was never asked about the 76ers. Custer asked him to choose only among Miami, Brooklyn, the New York Knicks and Boston Celtics.

9:30 a.m.: The Heat enters free agency with a salary-cap breakdown for next season that includes Jimmy Butler ($45.2 million), Bam Adebayo ($32.6 million), Kyle Lowry ($29.7 million), Tyler Herro ($27 million), Duncan Robinson ($18.2 million), Victor Oladipo ($9.5 million), Caleb Martin ($6.8 million), Jaime Jaquez Jr. ($3.5 million, not signed), Nikola Jovic ($2.4 million) and Haywood Highsmith ($1.9 million nonguaranteed salary).

Not including cap holds, the Heat has about $179.3 million committed to salaries for 10 players, including “unlikely to be earned incentives” that raise Herro’s cap number for this upcoming season to $29.5 million.

With the 2023-24 salary cap projected to be set at $136 million, the projected luxury tax at $165 million, the projected first tax apron at $172 million and the projected second tax apron at $182.5 million, the Heat is already a luxury tax team and very close to crossing the newly instituted and ultra-punitive second apron with roster spots still to fill for next season.

That leaves eight players from the Heat’s season-ending roster who will become free agents this summer: Jamal Cain, Udonis Haslem, Kevin Love, Orlando Robinson, Max Strus, Gabe Vincent, Omer Yurtseven and Cody Zeller. Haslem, who enters retirement after 20 NBA seasons, will not return.

The NBA’s new collective bargaining agreement that goes into effect Saturday limits what the Heat can offer as a team about to surpass the second apron.

The Heat has no cap space, and it also likely won’t have a midlevel exception to offer outside free agents because it’s expected to be above the second apron. That means the only realistic way for Miami to add outside talent this offseason is through a trade and/or with minimum contracts unless a move is made to change the salary-cap math.

The Heat can’t even acquire an outside free agent through a sign-and-trade because such a move hard caps a team at $172 million — a line Miami is already beyond.

This is why the Heat has decided to wait patiently on star guard Damian Lillard to make a decision on his future with the Portland Trail Blazers. Landing Lillard or another star through a trade is the Heat’s only realistic route to make a significant upgrade to the roster this offseason since it’s only positioned to offer minimum contracts to outside free agents.

Aside from making a trade or filling out the roster by signing outside free agents to minimum deals, the Heat’s other option is to leverage the Bird rights it holds for some of its own free agents to bring back most of this past season’s roster that made the NBA Finals.