What Waiters-to-Miami means for Westbrook
Nearly every NBA free agent scored more money than expected this offseason. But not Dion Waiters. He got far less.
On Monday, Waiters, now a former Thunder guard, agreed to a one-year deal with the Miami Heat.
What does it mean for the Thunder, specifically when it comes to keeping Russell Westbrook? Waiters’ departure frees OKC to get ahead of the free agency frenzy that’s bound to surround Westbrook next summer.
When Waiters signs with Miami, it will release the Thunder from his $12.8 million salary cap hold. Counting Domantas Sabonis’ rookie cap hold ($2.03 million), the Thunder is currently sitting at around $79.7 million in guaranteed salaries for 2016-17, putting them about $14.4 million under the salary cap of $94.1 million.
Raising Westbrook’s current salary ($17.8 million) to the maximum he’s allowed ($26.5 million) would take $8.7 million. Per the NBA’s collective bargaining agreement, the Thunder can offer Westbrook a raise this season and sign him to as many as three additional years should it renegotiate his current deal.
Waiters’ deal is reportedly for two years and close to $6 million, with a player option in the second year of the contract.
It’s essentially a one-year deal at $2.9 million per season, with Waiters expected to opt out before Year 2 to seek a bigger payday when the NBA salary cap rises again in 2017 to a projected $102 million.
Still, the numbers for Waiters are eye-popping considering the massive money handed out this summer.
Waiters is a 24-yearold shooting guard who, despite his flaws, showed decent ability on both ends of the floor deep into the playoffs this past season. Many speculated that Waiters would get $10 million or more per year in this seller’s market.
But his restricted free agency dragged on deep into July. The Victor Oladipo trade last month, combined with the Kevin Durant departure, allowed the Thunder to take a new direction. After signing Alex Abrines, OKC had little interest in bringing Waiters back. So the Thunder rescinded a qualifying offer last week that, if Waiters accepted it, would’ve made him $6.8 million next season.
He then became an unrestricted free agent and, apparently, there wasn’t much interest out there despite available money from teams like Brooklyn and Philadelphia. So Waiters has agreed to a shortterm, bet-on-yourself, pay-cut deal with the Heat.
Waiters made $5.1 million last year in the final season of his rookie contract. He’ll be making only slightly more than half of that next year in Miami.
Since Waiters was once restricted, some may wonder why OKC didn’t bring him back at that cheap of a price. But that wasn’t directly available for the Thunder. If Waiters had interest in returning to OKC, he would’ve taken the $6.8 million qualifying offer, which, at this point, he may regret not snagging before it was stripped off the table.
The Thunder may have sniffed out the dying market for Waiters and, fearing he’d take it and wanting to maintain financial flexibility for a possible renegotiation/extension with Westbrook or another move, pulled the qualifying offer.
If Westbrook was ready to renegotiate, there’s no question the Thunder would jump at the opportunity. Westbrook’s intentions remain unknown.
What is known: With Waiters moving on, the Thunder is in position to provide the financial means to talk long-term with Westbrook now, months before the free agent recruiting circus hits in the summer of 2017.