The Miami Heat have the first major piece of their offseason in place. Andrew Wiggins picked up his $30.2 million player option and agreed to a new extension worth a reported three years and $64 million, according to ESPN’s Shams Charania. It is the payoff to the expectation that the veteran wing would opt in rather than test free agency.
The structure of the deal matters as much as the total. The extension is set to pay Wiggins roughly $16.5 million in 2027/28 and $17.5 million the following season, according to Ira Winderman of The South Florida Sun Sentinel. By extending at those lower numbers rather than opting out for a flatter new contract, Wiggins gives Miami additional cap relief down the road, even if it does little to loosen the immediate squeeze.
That squeeze defines the rest of the summer. After accounting for the team’s recent option pickups and guarantees, Miami projects to operate roughly $20.5 million below its first-apron hard cap, with at least five roster spots left to fill, according to cap analyst Yossi Gozlan.
That number colors every decision ahead. It makes re-signing high-scoring guard Norman Powell difficult without shedding salary, and it raises the prospect that Miami moves money to create flexibility. One avenue is a trade of Nikola Jović, whom the Heat have explored dealing to open up room.
Nice visual of where the Heat are after the Andrew Wiggins extension. https://t.co/bsjgIcffgF
— CC (@ChrisCSports) June 29, 2026
With the cap picture set, here is the latest on Miami’s targets and roster decisions as free agency opens:
- The Heat’s headline target may be a familiar face. Miami has interest in reuniting Giannis Antetokounmpo with long-time teammate Khris Middleton, according to Anthony Chiang of The Miami Herald. The two won the 2021 title together in Milwaukee, and Middleton also shares Team USA history with Bam Adebayo from the squad that won gold at the Tokyo Olympics.
- Middleton is one of several shooters on the Heat’s radar as they look to space the floor around their new frontcourt. Miami is also expected to target Miami native Tim Hardaway Jr., along with Landry Shamet and Quentin Grimes, according to the Miami Herald’s Barry Jackson.
- Miami also locked in some depth on the back end of the roster. By declining to waive Dru Smith before Sunday’s deadline, the Heat guaranteed his roughly $2.6 million salary for next season and kept the defensive-minded guard on the roster, according to Anthony Chiang of The Miami Herald.
- Another perimeter option is Anfernee Simons, though he may not come cheap. He is expected to seek more than the minimum in free agency, according to Barry Jackson, and the Heat will face competition for his services.
- Miami’s most ambitious swing would be at the biggest name available, LeBron James. The Heat could pursue him with their full midlevel exception after landing Antetokounmpo, according to Barry Jackson, though the Lakers have so far made only a check-in call in free agency.
