The Miami Heat have settled into a salary structure that looks a lot more familiar than it does new.
Training camp opens Sept. 29 in Boca Raton, and the on-court fit still has to be sorted out. But the financial blueprint is already taking shape, and the front office has made its intentions pretty clear with the extensions for Andrew Wiggins and, most recently, Pelle Larsson.
This is the Heat doing Heat things: stacking the top of the payroll with the players they trust most, then letting the rest of the sheet fall into cheaper, more movable layers beneath that. It’s the same basic philosophy that powered the Big Three era from 2010 to 2014, only now the names and numbers are different.
At the top, Miami is built around Giannis Antetokounmpo and Bam Adebayo. Those two are scheduled to make $116 million this season, and Giannis is due another max extension that will almost certainly be handed out and push his share even higher. Wiggins, meanwhile, is the third-highest salary on the team this season at $30 million, but that figure drops sharply after he opted in and then took two lower-paid years.
That dip matters. In 2027-28, Wiggins is set to fall to $16 million, moving from borderline third-star money into the range usually reserved for low-end starters and proven rotation players. For Miami, that should make him a strong-value contract even as he moves into his early 30s.
Larsson’s extension fits the same logic. Wiggins’s deal helped create room for Miami to give Larsson back roughly the $14 million he was giving up in the second year, and while Larsson’s contract will start around that number in 2027-28 and rise slightly over the following three seasons, including a player option, it still gives the Heat a workable number for a player they believe can keep growing into a real piece.
The result is that Miami will essentially be getting Wiggins and Larsson in 2027-28 for what it is paying Wiggins alone in 2026-27.
That kind of structure opens the door for more moves. One possibility is extending Davion Mitchell beyond his current two-year deal worth $12 million per season, with this year being the second. Miami could do that at a slightly higher number to reward his growth without pushing itself into unwanted tax and apron territory.
If that happens, the Heat could be looking at Wiggins, Larsson, Mitchell, Nikola Jovic and Bobby Portis Jr. all in the $12 million to $19 million range, assuming Portis opts in and isn’t persuaded by Miami to opt out for more years at less money.
That cluster of contracts also gives the Heat something else: trade flexibility. Those deals can be used as chips if Miami needs to combine salaries in pursuit of a third star to place above the rest of the roster. And the team can still try to bring back Klay Thompson, who has a player option after this season and may opt out, and/or Tim Hardaway Jr. to keep a premium shooter on the roster beyond this year.
Jovic remains the one contract that doesn’t look as clean. He’s coming off a season in which his health, confidence and production were all shaky.
Even so, Heat officials don’t view him as a lost cause. He’s 23, still filling out his frame, and played well for Serbia this summer.
Miami believes the right role and mindset could matter a lot, and if he can beat out Simone Fontecchio and others for a rotation spot, he could become an X-factor in a group leaning into frontcourt playmaking.
And if he doesn’t, the Heat can live with that too. Other teams are carrying worse deals at higher prices, and Miami already spent plenty last season on the suspended Terry Rozier and the always-injured Tyler Herro.
The bigger picture is that the Heat have gone back to what has long been their comfort zone: pay the proven elite, fill in around them, and keep the books flexible enough to chase the next big move. That’s the old Pat Riley model, and with Andy Elisburg steering the cap side of things under the current CBA, Miami has put together a tidy offseason structure with a clear hierarchy and room to maneuver later.
In Other News...
Jaime Jaquez Jr. Is Headed For A Bucks Decision Heat Fans Will Notice
Jaime Jaquez Jr. is back in the kind of conversation that follows a promising young player into a new setting, only this time it is Milwaukee doing the deciding. After being acquired from the Heat in the Giannis Antetokounmpo trade, Jaquez enters the final year of his rookie contract with the Bucks weighing what his place should look like next season and beyond.
For Miami fans, the ripple effect is easy to spot because the Heat already made one notable move of their own, signing Pelle Larsson to a four-year, $60 million deal. Jaquez showed real improvement last season and could end up being a key part of Milwaukees plans, but the bigger question remains whether the Bucks will map out a longer future for him after the season, when the contract talk is expected to heat up. [Read more 🡒]
Heat Leave One Familiar Reunion Hanging With Final Roster Spot Open
The Heat have done most of their offseason business, but one spot on the roster remains open, and that has kept a familiar name in the conversation. Gabe Vincent, the veteran guard who previously played in Miami, has interest in a return, and Bam Adebayo has already backed the idea of bringing him back into the fold.
Miami has not yet offered Vincent a contract, leaving the final decision still hanging in the balance. The open slot gives the Heat flexibility if they want to keep options available, but it also leaves room for another addition if the front office decides to go in a different direction. [Read more 🡒]
Davion Mitchell Sees Something In Giannis Heat Fans Will Love
Davion Mitchell has spent the summer getting an up-close look at Giannis Antetokounmpo, and for Heat fans, that alone is an encouraging sign. The starting point guard has been working closely with Miamis newest centerpiece, including time training in Greece, as the team begins shaping a roster around a player who changes the equation in the East from day one.
For Mitchell, the appeal goes beyond the obvious talent. He has spoken admiringly about Antetokounmpos winning mentality, a trait Miami has long prized and one that fits the franchises competitive tone. With the 2026-27 season approaching and the Heat aiming to contend in the Eastern Conference, the early chemistry between Mitchell and Antetokounmpo is the kind of detail that can matter once the games start to count. [Read more 🡒]