"The Miami Heat's pursuit of another star is among the most frequently discussed topics across the NBA lexicon. Most of the time, these conversations dance around what should be clearly, if painfully, obvious: Landing another big name is almost assuredly going to require that Pat Riley and the rest of the front office part with Tyler Herro. This harsh reality is hinted at in the presumed stance on Herro's extension eligibility."
"Paying him eats into Miami's projected cap flexibility in 2027, when as of now, it can carve out north of $90 million. But forgoing a Herro extension isn't just about that. Nor is it about the complications of evaluating him in the aftermath of his recent ankle surgery. It's about keeping him trade-eligible-and also ensuring he remains someone for whom teams want to actually trade."
"Miami does not have the draft equity necessary to get by on draft selections and filler alone. It can only trade up two first-rounders this season. And though this number increases to four over the summer, that still won't be enough to complete deals for top-tier stars. Desmond Bane just fetched five first-round picks (four outright, and one swap), and he's never made an All-Star game."
Miami's pursuit of another star will almost certainly require trading Tyler Herro. Beginning in October, Herro is eligible for a three-year extension worth up to $150 million, but an extension appears unlikely and would reduce cap flexibility in 2027 when the team can currently clear north of $90 million. Forgoing an extension preserves trade eligibility and helps ensure he remains attractive to other teams, despite evaluation complications after recent ankle surgery. Miami lacks the draft equity to acquire a top-tier star with picks alone, owning only two tradable first-rounders this season and four by summer. Incoming deals will need outgoing salary, and expiring or undesirable contracts provide limited value compared with a 25-year-old All-Star.
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