1:26pm: The signing is official, the Heat announced.
1:12pm: The deal is believed to cover next season as well with a team option, according to Winderman, who writes in a full story. I’d speculate that next season would involve non-guaranteed salary rather than a team option, since that’s a more typical structure for this sort of contract, but that remains to be seen.
WEDNESDAY, 12:10pm: Karnes confirms via Twitter that his client will re-sign with the Heat.
TUESDAY, 1:02pm: Heat coach Erik Spoelstra indicated today that the Heat will re-sign Michael Beasley on Wednesday to a contract that covers the balance of the season, tweets Ira Winderman of the South Florida Sun Sentinel. Today is the final day of his second 10-day contract with the team, so the sides would have to do a deal for at least the rest of 2014/15 if they were to continue their partnership. It wouldn’t be surprising to see the team indeed commit to the former No. 2 overall pick for at least the next month or two, given the praise that Spoelstra and team president Pat Riley have given him since he signed the first of his 10-day contracts with Miami late last month.
The Jared Karnes client has also played a fairly prominent role for the team on his pair of 10-day deals, averaging 9.5 points and 3.9 rebounds in 22.9 minutes per game across 10 appearances. Those averages are better than he posted last season, when he was on the Heat’s roster all year. He spent most of this season playing in China after a brief stint with the Grizzlies during the preseason.
Miami has a full 15-man roster with 14 players already signed through at least the end of the season, so a new deal for Beasley would close off the Heat’s ability to add another player without waiving someone else. Miami is limited to giving Beasley no more than the minimum salary, but the team can tack an extra year onto the deal if it wants and if Beasley and Karnes permit it. It would be reasonable to expect Beasley to demand at least a significant partial guarantee for that to happen, but it’s unclear if either side is thinking beyond 2014/15.