Heat go from 40-1 to 300-1 title odds

MIAMI — The Miami Heat have been significantly downsized at the start of NBA free agency — at least when it comes to their championship odds.

After listing the Heat with 40-1 2019 NBA championship odds less than a month ago, Bovada.lv, and offshore sports book, on Monday dropped those odds to 300-1.

As a matter of perspective, the only team that took a sharper dive as the result of Sunday’s start of free agency was the Cleveland Cavaliers, who lost LeBron James to the Los Angeles Lakers, and dropped from 25-1 on June 9 to a current 400-1.

Like the Cavaliers and Lakers, the Heat were viewed as an initial suitor for James. Instead, the Heat’s 300-1 odds have them on Bovada’s list ahead of only the Cavaliers, Brooklyn Nets, Orlando Magic and Sacramento Kings, who all are listed at 400-1, and the Memphis Grizzlies, at a league-worst 500-1. The Heat on Bovada’s board are tied at 300-1 with the New York Knicks, Atlanta Hawks, Charlotte Hornets, Chicago Bulls and Detroit Pistons.

Of the teams listed at 300-1 or worse, the Heat and Cavaliers were the only teams to make the playoffs last season.

By contrast, the two-time defending NBA champion Golden State Warriors top the odds at 21-20, with the Lakers now the second choice, up from 16-1 on June 9 to 7-2.

BetOnline.AG, another offshore book, on Monday listed the Heat at 66-1 for next season’s champion, 16th among the 30 teams.

After a hectic opening day of free agency, one that saw players such as James, Kevin Durant and Chris Paul address their futures, Monday’s second day of the process was reserved for secondary moves involving JJ Redick, Rajon Rondo and Derrick Favors, among others.

The lone Heat free agent yet to reach an agreement has been guard Derrick Jones Jr., who Sunday signed a two-year deal to return.

That leaves Wayne Ellington, Dwyane Wade, Udonis Haslem, Luke Babbitt, Jordan Mickey and Derrick Walton Jr. as Heat free agents who have yet to agree to contracts for next season.

Ellington, who has been angling for a Heat return, has received strong consideration from his hometown Philadelphia 76ers, who resigned Redick but previously lost 3-point specialists Ersan Ilyasova and Marco Belinelli.