2:05pm: The Heat have formally waived Anderson, the team confirmed in a press release.
12:26pm: The Heat will waive Ryan Anderson and use the stretch provision on the remaining year of the forward’s contract in order to complete the Jimmy Butler sign-and-trade with the Sixers, Ira Winderman of the South Florida Sun Sentinel tweets.
Anderson had a $21,264,635 salary for next season but approximately $15,64MM was guaranteed. By stretching out the guaranteed portion of the contract, the Heat will take cap hits of approximately $5.2MM for the next three seasons. Miami needed to get below the hard cap of $138.9MM that applies to teams that acquire a player via sign-and-trade. Stretching out Anderson’s deal was its simplest means of achieving that goal, as the Heat will drop $1.88MM below that hard cap threshold, ESPN’s Bobby Marks notes.
Anderson was one of the hottest free agents on the market in 2016 and signed a four-year, $80MM with the Rockets. That contract became an albatross after Anderson lost playing time in Houston and he was traded to both the Suns and Heat last season, appearing in just 25 games.