With NBA Free Agency just around the corner, Barry Jackson of the Miami Herald reported Tuesday that Miami Heat are considering multiple options when it comes to what do with veteran guard Kyle Lowry.
Lowry is headed into the final year of his three-year, $85-million deal and is owed $29.7 million next season.
Jackson is reporting that one of the main options the Heat are considering is a waive-and-stretch strategy with Lowry, which would see Miami release the guard and then allocate his remaining $29.7 million over the next three seasons instead. According to Jackson, a firm decision has not been made, but the team is considering it.
The waive-and-stretch mechanism would give the Heat more cap flexibility next season, but would also mean that the former Toronto Raptor’s contract would now be on the books for the next three seasons.
Miami is reportedly looking to re-sign Gabe Vincent, and stretching Lowry’s contract out could make that easier for the team to do.
There is also the possibility that Lowry is part of the Heat’s potential package for Portland Trail Blazers star Damian Lillard, who the Heat have reportedly expressed interest in over the past few weeks. However, Lillard has still not publicly asked to be moved.
Whatever happens, if the Heat do plan to waive-and-stretch Lowry, the move must be done before the Sept. 1 deadline.
Lowry averaged 11.2 points, 5.1 assists and 4.1 rebounds in the 2022-23 season for the Heat. He also helped them reach the NBA Finals before they lost to the Denver Nuggets in five games.