The Miami Heat have traded their way out of the first round of Thursday’s NBA draft but, in doing so, cleared more cap space by sending the 18th pick and guard Daequan Cook to Oklahoma City for the No. 32 pick in the second round.
The Heat were not enamored with the quality of players in the draft and wanted to clear cap room, a source told ESPN.com. The net result of losing Cook’s $1.36 million salary and the value of the 18th pick is $3 million.
Actually Cook’s salary for next season ($2.2 million) is what Miami is saving with this deal. But that’s not all. The #18 pick would make around $1.4 million — that’s what last year’s #18 pick, Ty Lawson, made this season — so the Heat will save a total of $3.6 million off of this year’s payroll by essentially giving Cook and the pick away.
I believe this leaves Miami with three players (Michael Beasley, James Jones and Mario Chalmers) under contract and $48 million in cap space, assuming the team waives or trades Jones away by the end of June. Miami’s goal is to sign three big-name free agents and with $48 million in cap space, they can afford to start three players at $16 million per season. They’d have to fill out the roster with a mid-level player and veteran minimum guys, but if they were re-sign Dwyane Wade and add two big-name free agents, the vets would come calling.
My gut tells me that LeBron, Wade and Chris Bosh will all sign with different teams, but that doesn’t mean that Miami won’t be able to sign a combination of Joe Johnson/Rudy Gay and Amare Stoudemire/Carlos Boozer/David Lee. And they may not even have to burn the full $48 million to do so.
