FEBRUARY 4th: Varnado's deal is paying him him a prorated $473K this season and is non-guaranteed next season for nearly $789K, according to Chris Tomasson of FOX Sports Florida (on Twitter).
JANUARY 30th: The Heat have officially signed Varnado for the remainder of the season, according to a team release. Varnado's represents the 14th guaranteed contract on Miami's roster, so if the Heat intend to keep an open roster spot for Greg Oden or anyone else, the team would have to release Chris Andersen when his second 10-day deal ends.
JANUARY 29th: Adrian Wojnarowski of Yahoo Sports reports that the Heat are working to finalize a deal with Jarvis Varnado for the rest season, also noting that a decision had to be made today after the 6'9 power forward completed two 10-day contracts with the team (Twitter links).
Varnado has appeared in a total of seven games this season, including five with the Celtics and two with Miami. Although the former Mississippi State standout had originally been drafted in the second round of the 2010 NBA draft by the Heat, Varnado spent nearly two years in Europe in addition to a brief stint with the Sioux Falls Skyforce of the D-League, where he averaged 14 PPG, 10 RPG, 3.9 BPG, and 30.5 MPG in 10 contests. This year marks his first set of appearances in an NBA regular season.