The Miami Heat are considering using the waive-and-stretch provision on point guard Kyle Lowry if they are unable to trade him, according to NBA insider Barry Jackson of the Miami Herald.
Lowry is due $29.7 million next season in the final year of the three-year, $85 million deal he signed with the Heat in 2021. The waive-and-stretch provision must be used before September 1.
The Heat started Gabe Vincent over Lowry this past season, which paid major dividends. Miami wants to re-sign Vincent, who becomes an unrestricted free agent, on June 30.
“According to two sources, the Heat has been giving thought to potentially using the waive-and-stretch provision on Lowry if Miami is unable to trade him, though a firm decision on that has not been made,” Jackson wrote. “That waive-and-stretch mechanism would allocate his remaining cap hit equally over three seasons.”
NBA NEWS & TRADE RUMORS: Kyle Lowry & Miami Heat Updates
If the Heat use the waive-and-stretch provision on Lowry, the former Toronto Raptors star would count against their cap at $9.9 million for each of the next three seasons. Miami’s 2023-24 salary cap commitments would decrease from $178.5 million to $158.5 million, which is below the $165 million tax line and the $182.5 million second apron.
A six-time All-Star, Lowry averaged 11.2 points, 4.1 rebounds and 5.1 assists in 2022-23 while shooting 40.4% from the field, 34.5% from beyond the arc and 85.9% from the free-throw line. The 37-year-old put up 9.2 points, 3.5 rebounds and 4.4 assists per game in the 2023 playoffs against the Milwaukee Bucks, New York Knicks, Boston Celtics and Denver Nuggets.
NBA NEWS & TRADE RUMORS: Kyle Lowry & Miami Heat Updates
The Heat would like to include Lowry in a potential trade for Portland Trail Blazers superstar point guard Damian Lillard, who is open to playing for Miami. Lillard and Heat All-Star center Bam Adebayo are very close friends.
Lowry has career averages of 14.6 points and 6.3 assists. It will be fascinating to see where he’s playing next season.
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