The beginning of July has opened the door to free agency across the NBA and will last for a week until July 6. The Miami Heat have been prompt in leaping into action and have quickly made some noteworthy choices.
What’s the free agency status of the Miami Heat so far?
The front office chose to retain Andrew Wiggins and Simone Fontecchio under revised agreements. They also bagged an external free agent, Tim Hardaway Jr, to help with perimeter shooting. But the most shocking news came with the departure of Norman Powell, who has signed a $45 million deal with the Chicago Bulls.
Acquisition: Tim Hardaway Jr.
This former Denver Nuggets shooting guard will now sport a Heat jersey. Freshly acquired by Miami, Hardaway joined the team on a one-year deal for $6.5 million, as reported by ESPN’s Shams Charania. In the media, he was already flagged as a big target for the Heat, whose tunnel vision at the moment is to create a strong roster around Giannis Antetokounmpo. The 34-year-old was quickly taken when free agency started and will now shoulder the shooting responsibility and follow in the footsteps of his father, Tim Hardaway Sr., who played for the Heat from 1996-2001.
Free agent sharpshooter Tim Hardaway Jr. has agreed to a deal with the Miami Heat, sources tell ESPN. pic.twitter.com/XUU03NO7O0
— Shams Charania (@ShamsCharania) June 30, 2026
Retentions and Extensions
On Monday, the Heat retained Wiggins and re-signed him. The forward accepted the $30.1 million player option for the final season. Moreover, his contract has been extended for two more seasons at $34 million, bringing the total to a 3-year deal with a $64 million paycheck. Wiggins can avail this NBA security in half-portions of $16.5 million in 2027-28 and $17.5 million in the 2028-29 player-option season.
Also, according to Charnia, Fontecchio, an unrestricted free agent, is set to return to the Heat on a one-year veteran minimum deal. With 70 game appearances, he was an important part of the bench rotation and perimeter shooting this season and intends to stay there only. He will make approximately $2.6 million in a one-year deal.
Loss So Far: Norman Powell
Perhaps it was the hefty cost of acquiring Giannis Antetokounmpo that ultimately cost Miami Powell. The franchise bumped into the hard cap at the luxury tax apron.
Powell was the only player on the team to participate in the All-Star Game this season and displayed some exceptional talent. He was the most impressive player on the team, playing the best games of his career with the Heat. Fortunately for Powell, he had no shortage of takers and was quickly scooped up by the Chicago Bulls on a two-year, $45 million contract. Before heading into free agency, he earned around $20 million in his one-year run with Miami, but later, they couldn’t match the Bulls’ offer, which secured Powell two more comfortable years in the league.
What’s Next for Miami in Agency?
At the moment, Miami has a couple of more free agents – Jahmir Young and Keshad Johnson. But it is ready to break its ties with both of them.
Young, who joined the team this past season, had his $2.41 million team option declined. The same goes for Johnson, who was not offered a qualifying offer. The Heat’s chances are next to none now, leaving both 25-year-olds to explore the market. Meanwhile, the team is linked to other free agents, but no official confirmation has come in yet.
Recruiting and retaining strong players is the most important next step in the Heat’s roster building at the moment. After Wiggins, the front office is left with roughly $10 million in free-agent salary cap space, and few spots remain open. Right now, Miami must choose the best of the best to build a strong structure around Antetokounmpo, who possesses elite instincts and top-notch skills.
Photo Credit: Eric Hartline, USA TODAY Sports via Reuters Connect
