MIAMI — After considering multiple options with Kyle Lowry, the Heat have decided against one of them: waiving and stretching his contract.
The Heat instead are now focused on using his salary in a trade for Damian Lillard or another potential deal, according to a league source.
Miami also is comfortable beginning next season with Lowry on the roster if he isn’t traded this summer. More trade opportunities could open before next February’s trade deadline.
Two people in contact with the Heat said Miami had considered using the waive-and-stretch provision on Lowry, which would have meant absorbing cap hits of $9.9 million each of the next three seasons instead of a $29.7 million hit on next year’s cap, should he remain with the team.
But the Heat ultimately have decided against that, according to a source, in part because the $9.9 million cap hits in 2024-25 and 2025-26 would be burdensome.
Lowry’s salary could be used as ballast in a trade for Lillard, who remains Miami’s No. 1 offseason target.
If Lowry isn’t included in a deal with Portland, Miami could re-engage with the Clippers, who are seeking veteran point guard help. A combination of power forward Marcus Morris and either Robert Covington or Terance Mann could satisfy cap rules, but the Heat might need to offer something else.
Ideally, the Heat would like to be able to trade Lowry either in a Lillard package, or to a team that can absorb his salary and send Miami back a useful player earning significantly less — a scenario that would lower the Heat’s tax bill. But that second option might be difficult to pull off because a limited number of teams have the cap space to take back a lot more money than they send out.
The Heat appreciate Lowry’s contributions during the playoffs and how professionally he handled himself when moved to a bench role. Attempts to move his contract are financially-driven more than anything.
Strus interest
— Indiana, Detroit and Chicago are expected to be among the suitors for Max Strus when free agency begins at 6 p.m. Friday. A source close to Strus expects he will command the $12.3 million mid-level exception or potentially something higher from the Pacers or Pistons.
— The Heat very much value Caleb Martin and it could be a point of contention if Portland insists on acquiring him in a Lillard trade. While it’s doubtful that a request for Martin would torpedo a deal, the Heat would like to keep him.
— SI.com’s Chris Mannix reported that Portland is “lukewarm” about Tyler Herro in a package for Lillard.
If the Blazers prefer a package not involving Herro, that could necessitate the need for a third team (that likes Herro) to be included or a package not involving Herro.
ESPN’s Tim Legler, on why a Lillard/Heat marriage makes sense:
“If Lillard really wants to add to his legacy as a player, you want to see him play on the biggest stage. I look at Miami. The infrastructure is in place assuming it would not mean Butler or Bam is not there. If you put Damian Lillard with those two players and what that organization does year after year to reinvent themselves with their supporting cast. And we know the culture we’ve talked a lot about with Pat Riley and Erik Spoelstra.
“To have a chance to play for who I think is the best coach in the NBA to maximize yourself as a player, if you’re Damian Lillard and have that opportunity to force Portland’s hand and find your way to Miami you have a much better chance to be an NBA champion. Miami would be the best place and they have a lot of things in return they can potentially make that deal happen.”
Lillard has not asked for a trade but has said that the Heat and Nets would appeal to him if he does. Lillard reportedly is giving the Blazers more time to try to build a championship team.
