Where Heat stands with Lowry, other possible free-agent targets
The Heat is expected to face stiff competition in its expected pursuit of Toronto free-agent point guard Kyle Lowry. Other players of interest include point guards Spencer Dinwiddie and Chris Paul.
Days before the start of NBA free agency, the Miami Heat remains very interested in impending free-agent point guard Kyle Lowry but faces increasing competition.
According to a source in touch with the player, Lowry would like a guaranteed three-year deal, averaging $30 million per season.
Even if he doesn’t get $30 million, he’s very likely to command an offer topping $25 million.
The Heat, New Orleans, Dallas, the Knicks, Philadelphia and the Lakers are all believed to have interest. And Lowry would have interest in each of those teams at the right dollar amount, according to a source briefed on his plans.
A return to Toronto is considered much less likely, according to the source.
The source said Lowry holds the Heat in high regard — and is close with Jimmy Butler — but isn’t necessarily inclined to accept less from Miami if
one of those other teams offers more.
Speaking in general after the season, Lowry said he would like to be positioned to win another championship, but added: “Money talks, and years talk; let’s be real. … At the end of the day, I want to make sure my family is taken care of for generations.”
Reaching $30 million per year for Lowry — if necessary — would be challenging but not impossible for the Heat.
If Miami renounces restricted free agent Kendrick Nunn and declines team options on Goran Dragic and Andre Iguodala, the Heat could carve out $23.9 million in space for Lowry if it keeps restricted free agent Duncan Robinson, along with five players under contract (Butler, Bam Adebayo, Tyler Herro, Precious Achiuwa and KZ Okpala).
That cap space could grow to $26.9 million if — during the early days of free agency — the
Heat and Robinson agree to an understanding that Miami would rescind his qualifying offer (which gives Miami a right to match outside offers) with the understanding that Robinson will resign with Miami.
That $26.9 million in space would allow the Heat to offer three years and $85 million for Lowry. A three-year, $90 million deal for Lowry — should he get it — would need to start at $28.5 million, with maximum permitted annual raises.
Players involved in sign-and-trades must sign contracts spanning at least three years, though only the first year must be guaranteed.
In that sign-and-trade scenario, Miami would have a $9.5 million room exception and a $3.6 million bi-annual exception to fill other needs and also could sign players to minimum deals in this scenario.
Miami’s other option would be working out a sign-and-trade with Toronto, but it’s questionable if the sides can agree on compensation. The Heat remains reluctant to include Herro in a signand-trade for Lowry, according to a source.
But Miami could exercise the team options on Dragic ($19.4 million) or Iguodala ($15 million) by this week’s deadline and ship one of those players to Toronto with Achiuwa or Okpala.
It’s iffy if the Raptors would be willing to take Nunn in such a deal; one source did not believe Toronto had considerable interest in the impending Heat free agent. Nunn also would need to agree to sign with Toronto in that scenario.
The Athletic proposed a deal of Okpala and two-second round picks for Lowry, which would create a large trade exception for Toronto but would leave Miami with much less offseason flexibility than a deal involving comparable salaries going to both teams.
Among the other potential suitors for Lowry, the Knicks would have the easiest path to accommodate Lowry if they choose; New York has
$47 million in cap space.
The Pelicans — who have strong interest in Lowry to replace restricted free agent Lonzo Ball — could carve out $34 million in space if they renounce Ball and Josh Hart. Or they could do a sign-and-trade and have the young assets to potentially appeal to Toronto.
Dallas could carve out $24 million if the Mavericks don’t re-sign Tim Hardaway Jr., with that number rising to $35 million if Josh Richardson opts out of an $11.6 million salary for next season.
The 76ers will be over the cap and likely would need to give up secondyear guard Tyrese Maxey, veteran George Hill and perhaps other assets in a sign-and-trade for Lowry.
The Lakers likely would need to entice the Raptors to take Kyle Kuzma and/or Kentavious Caldwell-Pope.
Lowry, a six-time All Star, last season averaged 17.2 points, 7.3 assists, 5.4 rebounds, 1.0 steals and shot 39.6 percent on threes in 46 games.
According to a source, Nets impending unrestricted free-agent point guard Spencer Dinwiddie is expected to be among the players of interest to Miami if the Heat doesn’t land Lowry.
Dinwiddie, who declined a $12.3 million player option for next season, has not played since sustaining a partially torn ACL on Dec. 27.
He averaged 20.6 points, 6.8 assists and
3.5 rebounds in 64 games for the Nets in 2019-20; that was the third consecutive season that his scoring average jumped dramatically. One negative: Dinwiddie is a career 31.8 percent three-point shooter.
The Heat also could make a run at Suns point guard Chris Paul if he opts out of his deal with Phoenix with the goal of signing a multi-year deal.