AUGUST 7: Butler has officially signed the extension, according to a team press release.
“Jimmy is the anchor and face of our franchise along with Bam (Adebayo) and Kyle (Lowry),” Heat president Pat Riley said in a statement. “With Jimmy, we get an All-NBA player, an All-NBA Defensive player, tough as nails and a complete player across the board. He’s very deserving of this contract as he continually puts himself at the top of the league at his position. Having him in the HEAT organization has been a great, great coup for us.”
AUGUST 6: The Heat and Butler are in formal agreement on a new four-year extension, reports Ira Winderman of The South Florida Sun Sentinel.
The extension will include a player option for the 2025/26 season, according to Winderman, who says the deal is worth a projected $184MM.
Butler can officially sign the extension on Friday. Based on the projected 2022/23 salary cap, the extension will be worth approximately $186.6MM.
The acquisition of Butler in a sign-and-trade with Philadelphia in 2019 propelled the club to the 2020 Finals and he’s looked upon as the leader of a team built on toughness and defense.
There was growing optimism that Butler and the franchise would agree to an extension and that has apparently come to fruition. Butler’s extension is part of a frenzy of planned moves designed to get Miami back to the Finals next season, according to Marc Stein of Substack.
Injuried limited Butler to 52 regular season games this past season but he still put up big numbers — 21.5 PPG, 6.9 RPG, a career-high 7.1 APG and 2.1 SPG.