Heat Sign Bez Mbeng, Waive Steve Settle III
The Heat have signed guard Bez Mbeng and requested waivers on forward Steve Settle III, according to a team press release.
Mbeng went undrafted in June after a standout four-year college career at Yale. He was named the Ivy League’s Defensive Player of the Year each of the past three seasons and won the conference’s Player of the Year award in 2024/25 as well.
A 6’4″ guard, Mbeng averaged 13.0 points, 5.8 assists, 5.6 rebounds and 1.8 steals on .429/.368/.699 shooting in 29 appearances last season (32.7 minutes per game). He helped the Bulldogs reach the NCAA tournament in three of his four years at Yale and is the school’s all-time leader in steals.
While the terms of the deal were not disclosed, Mbeng almost certainly signed an Exhibit 10 deal and will be waived sometime in the next couple days. If that comes to fruition, he would be eligible for a bonus worth up to $85,300 if he spends at least 60 days with Miami’s G League affiliate, the Sioux Falls Skyforce.
Settle, who went undrafted earlier this year, was signed earlier this week to an Exhibit 10 contract.
Warriors, Lakers Top 2025 NBA Franchise Valuations
The Warriors are still the NBA’s most valuable team, according to Kurt Badenhausen of Sportico, who unveiled the website’s updated NBA franchise valuations for 2025 on Thursday.
Badenhausen projects the Warriors’ value at $11.33 billion, which represents an incredible 24% increase from last year’s $9.14 billion valuation. The NFL’s Dallas Cowboys, at $12.8 billion, continue to be the only global sports franchise whose valuation comes in higher than Golden State’s, according to Sportico’s projections.
As Badenhausen outlines, the Warriors lead the NBA in revenue by a significant margin, having generated an estimated $833MM last season. Golden State makes more than $5MM per game in ticket revenue, along with $2.5MM from luxury suites; the club also has a $45MM per year jersey patch deal with Rakuten, earns almost double what any other team makes in sponsorship revenue, and is one of the few teams to fully own and operate its arena, per Sportico.
After placing third a year ago, the Lakers have jumped to second place on Sportico’s 2025 list at $10 billion, based on Mark Walter‘s recent agreement to purchase the team at that valuation. The Lakers moved slightly ahead of the third-place Knicks, who come in at $9.85 billion.
Every team’s valuation has increased by at least 9% since last year, per Sportico, with the average value of an NBA franchise now at $5.51 billion (up 20% from 2024) and no team worth less than $4 billion.
The average valuation has more than doubled since 2022, when it was $2.58 billion. As Badenhausen writes, the NBA’s new $76 billion media rights deal and its global ambitions – including the possible creation of a league in Europe – have played a part in those gains.
Although the Warriors’ $833MM is something out of an outlier, NBA teams generated an average of approximately $408MM in revenue last season, according to Badenhausen, with the Grizzlies coming in last at $301MM. Memphis also ranks 30th on Sportico’s list of franchise values.
Despite placing at the bottom of this list, the Grizzlies actually had the most significant increase in their franchise valuation this past year, rising from $3.06 billion to $4 billion (31%). The Pelicans (30%), Timberwolves (29%), and Eastern Conference champion Pacers (27%) were the other biggest risers.
Of course, it’s worth noting that figures from Sportico or any other media outlet are just estimates and often don’t quite match up with the sale prices for franchises that change hands. But these projections are usually in the right ballpark and remain useful for getting a sense of the league’s most and least valuable teams.
Here’s Sportico’s full list of NBA franchise valuations for 2025:
- Golden State Warriors: $11.33 billion
- Los Angeles Lakers: $10 billion
- New York Knicks: $9.85 billion
- Los Angeles Clippers: $6.72 billion
- Boston Celtics: $6.35 billion
- Brooklyn Nets: $6.22 billion
- Chicago Bulls: $6.12 billion
- Miami Heat: $6.03 billion
- Philadelphia 76ers: $5.61 billion
- Houston Rockets: $5.53 billion
- Dallas Mavericks: $5.24 billion
- Toronto Raptors: $5.22 billion
- Phoenix Suns: $5.09 billion
- Atlanta Hawks: $5.02 billion
- Sacramento Kings: $5 billion
- Cleveland Cavaliers: $4.86 billion
- Denver Nuggets: $4.8 billion
- Washington Wizards: $4.78 billion
- Indiana Pacers: $4.76 billion
- Milwaukee Bucks: $4.54 billion
- San Antonio Spurs: $4.5 billion
- Oklahoma City Thunder: $4.34 billion
- Utah Jazz: $4.27 billion
- Portland Trail Blazers: $4.25 billion
- Minnesota Timberwolves: $4.24 billion
- Orlando Magic: $4.21 billion
- Detroit Pistons: $4.17 billion
- Charlotte Hornets: $4.13 billion
- New Orleans Pelicans: $4.02 billion
- Memphis Grizzlies: $4 billion
As Badenhausen notes, Sportico’s projections are based on a control sale price, rather than limited stake purchases. Controlling shares in the Celtics, Lakers, and Trail Blazers all changed hands this past year, though only the Celtics sale has been formally approved by the NBA so far.
William Chisholm is buying the Celtics in two stages, with an initial valuation of $6.1 billion and a blended valuation of roughly $6.5 billion. Walter is purchasing the Lakers at a valuation of $10 billion, while Tom Dundon is buying the Blazers at a $4.25 billion valuation.
Injury Notes: Garland, Suggs, Adebayo, Bucks, Pacers, Thiero
Cavaliers point guard Darius Garland took an important step forward in his recovery from toe surgery by participating in a 5-on-5 contact scrimmage on Tuesday, writes Chris Fedor of Cleveland.com (subscription required). While head coach Kenny Atkinson referred to as a positive development, he cautioned that it doesn’t mean Garland’s return is imminent.
“It was live. It was very short,” Atkinson said. “Now let’s see what tomorrow looks like. What does the recovery look like? We know this is not an easy injury to come back from. It’s just not. You see what happens in the NFL with this injury. It’s not linear, usually, the return to performance, and we’re hoping it will be and he’ll progress. But I side on the side of being conservative and making sure. This is a good step today. A small step but a good step.”
Sources who have spoken to Fedor have maintained that Garland still could miss the first 10-15 games of the regular season. With their starting point guard expected to be unavailable when the season tips off, the Cavs intend to start Sam Merrill in the backcourt alongside Donovan Mitchell, who will take on more ball-handling responsibilities, says Fedor.
We have several more injury-related updates from around the NBA:
- Magic guard Jalen Suggs did “a little bit” of contact work on Tuesday in a 3-on-3 setting, head coach Jamahl Mosley told reporters, including Jason Beede of The Orlando Sentinel (subscription required). It’s unclear whether Suggs will be able to play in Orlando’s remaining preseason game on Thursday or if he’ll be ready for the season opener next Wednesday.
- Heat big man Bam Adebayo exited Monday’s preseason game early due to a knee injury, but it’s just a contusion and wasn’t serious enough to require an MRI, according to Barry Jackson of The Miami Herald (Twitter link). While it remains to be seen if Adebayo will suit up in the team’s preseason finale on Friday, it sounds like he should fine for the start of the season.
- After Myles Turner (right calf soreness) and Gary Harris (right hamstring strain) sat out the Bucks‘ last preseason game on Tuesday, head coach Doc Rivers downplayed Turner’s issue and suggested he’ll be ready for the start of the season, but said Harris’ hamstring injury will likely sideline him for a week or two, per Eric Nehm of The Athletic (Twitter links).
- The injuries that Pacers reserves Johnny Furphy (left ankle sprain) and Quenton Jackson (right hamstring soreness) are dealing with aren’t “serious,” according to head coach Rick Carlisle, but there’s no guarantee either player will be ready for opening night. “There’s a chance they could be back for the opening of the season, but I don’t know how big of a chance,” Carlisle said, according to Dustin Dopirak of The Indianapolis Star. The Pacers’ coach added Ben Sheppard, who has been out with an undisclosed injury, is “trending in a good direction” and could be available on Friday for the club’s preseason finale.
- Lakers rookie Adou Thiero remains sidelined due to swelling in his knee but has progressed to on-court activities, the team announced on Tuesday (Twitter link via Dan Woike of The Athletic). The Lakers added that Thiero will be reevaluated in approximately two or three weeks.
Heat Sign Steve Settle, Waive Gabe Madsen
The Heat have signed forward Steve Settle III and waived wing Gabe Madsen, according to the team.
Miami originally agreed to an Exhibit 10 contract with Settle right after he went undrafted in June. It’s now come to fruition.
Settle started in all 31 games in which he appeared last season at Temple and averaged 12.6 points, 6.2 rebounds, 1.7 assists, 1.0 steals, 1.0 blocks and 33.2 minutes per contest while shooting 47.8% from the field, 41.6% from three-point range and 73.6% from the foul line. He led the team in rebounds, blocks, minutes and three-point field goals made.
Additionally, he appeared in five Summer League games with the Heat.
Madsen re-signed with Miami last week after being waived in September. He returned on an Exhibit 9 contract and appeared in two preseason games, averaging 4.5 points and 2.0 assists in 14.5 minutes per night.
Madsen played a five-year collegiate career, beginning at Cincinnati and spending the next four years at Utah. He averaged 15.2 points per game in 2024/25 and made 36.0% of his three-point attempts over the course of his five college seasons.
Settle will likely be waived and join the Sioux Falls Skyforce in the G League. If he stays at least 60 days with Miami’s affiliate, he’ll be eligible for a bonus worth up to $85,300.
Heat’s Erik Spoelstra Named Team USA’s New Head Coach
October 14: USA Basketball has officially announced Spoelstra as the new men’s basketball head coach. Spoelstra spoke to Tim Reynolds of The Associated Press and ESPN’s Brian Windhorst about his new role and what it means to him.
“Absolutely, absolutely humbled. I mean, it is the honor of a lifetime,” Spoelstra told Reynolds. “And I’m just really appreciative of it and being a part of the USA Basketball program. The Olympics are incredible, no matter where it is, but to have the opportunity to compete on your own soil, that’s simply remarkable.”
October 9: Heat head coach Erik Spoelstra is expected to be named the new head coach of the United States’ men’s basketball team, sources tell Shams Charania of ESPN.
According to Tim Reynolds of The Associated Press, a deal between Spoelstra and USA Basketball has not yet been finalized, but Miami’s longtime coach is the frontrunner for the job to succeed Steve Kerr.
As Reynolds writes, Spoelstra was an assistant on Kerr’s staff at both the 2023 World Cup and the 2024 Olympics in Paris. The Americans finished in fourth place at the World Cup, but won their fifth consecutive gold medal at the Olympics.
Assuming Spoelstra finalizes a contract with USA Basketball, he would lead the U.S. at the 2027 World Cup in Qatar and the 2028 Olympics in Los Angeles, Reynolds notes.
After Gregg Popovich stepped down as coach of the Spurs in the spring, Spoelstra became the longest-tenured head coach in the NBA by a significant margin. The 54-year-old is entering his 18th season as head coach of the Heat, compiling a 787-572 regular season record (.579 win percentage) and 110-83 mark in the playoffs (.570).
Spoelstra has led Miami to six NBA Finals appearances during his time at the helm, winning back-to-back championships in 2012 and 2013.
Spoelstra has been widely viewed as one of the top coaches in the league for years, so the news isn’t surprising. Still, it’s a significant accomplishment — Spoelstra told The Associated Press after last year’s Olympics that he “would be honored” to be the top coach of the men’s national team.
Heat Notes: Ware, Jakucionis, Adebayo, Mitchell
Kel’el Ware continues to post impressive numbers in the preseason, and Heat coach Erik Spoelstra continues to push him to expand his game to do more things that impact winning, writes Anthony Chiang of The Miami Herald. Ware’s latest big performance came on Sunday night as he posted 24 points, 10 rebounds, an assist and two steals in 25 minutes in a loss to Orlando.
“I would much rather coach somebody who’s willing to be coached, who can put up 24 (points) and 10 (rebounds), and figure out how to get those winning moments during the course of a game,” Spoelstra said. “That’s where we are.”
Spoelstra called out Ware during Summer League, citing a need to improve his “professionalism,” and has continued to set a high standard for the second-year center since training camp began. Ware told reporters that he tries to take inspiration from Spoelstra’s critiques.
“I always take anything that the coach says to me as motivation,” Ware said. “I take it and I try to impact it into my game, and I try to play as hard as I can. Like I said in the last interview, I was still getting my legs back under me from training camp.”
Ware exceeded expectations as a rookie and became a starter alongside Bam Adebayo as the season wore on. Spoelstra said “all things are on the table” regarding his starting lineup, but Chiang notes that Ware was used off the bench in the first three preseason games and only started on Sunday because Adebayo was being rested on the first night of a back-to-back.
There’s more from Miami:
- Kasparas Jakucionis left Sunday’s game in the first quarter with soreness in his right hip, Chiang adds in the same piece. The rookie guard missed the first two preseason contests because of a sprained left wrist before playing on Wednesday. “It is a little frustration,” he said. “But these things I can’t control. So I’m just trying to control what I can control and do my thing.”
- In a separate story, Adebayo talks to Chiang about the experience of supporting girlfriend A’ja Wilson as she led Las Vegas to the WNBA title. Adebayo practiced with the Heat on Friday, flew to Phoenix to watch the Aces clinch the championship that night, then returned to Miami in time for Saturday afternoon’s practice.
- Davion Mitchell made his preseason debut on Sunday after sitting out three games with calf soreness, per Ira Winderman of the Sun-Sentinel. Mitchell, who re-signed with Miami on a two-year, $24MM deal this summer, only played in the first half and finished with two points and two assists in 10 minutes. “Preseason is kind of when you get your rhythm,” he said. “Especially with our new offense, kind of learn how to play the new offense. But for me, it’s just kind of just trying to find my rhythm. But I’ll figure that out in the next couple days.”
Achiuwa Has 'Unfinished Business' With Heat
- Forward/center Precious Achiuwa went unsigned for most of the offseason before agreeing to a non-guaranteed training camp deal with the Heat in late September. Achiuwa, who was drafted by Miami and spent his rookie year with the team before being traded to Toronto in the 2021 offseason, said he’s happy to be back with his first NBA team, as Anthony Chiang of The Miami Herald relays. “I think there’s some unfinished business,” Achiuwa said of returning to the Heat. “Just the culture of the Miami Heat kind of fits the way I play. A lot of tenacity, a lot of intensity. So I feel right at home here.”
Heat Notes: Mitchell, Ware, Jakucionis, Keels
Kasparas Jakucionis and Pelle Larsson returned from injuries to make their preseason debuts on Wednesday, and there appears to be more good news on the horizon for the Heat, writes Anthony Chiang for the Miami Herald. According to Chiang, guard Davion Mitchell, who missed part of training camp with calf soreness and has yet to suit up during the preseason, is expected to be available for Sunday’s game against the Magic.
The 27-year-old point guard was not overly concerned about the injury.
“It was just a calf strain,” he said. “I kind of felt something in my calf. They kind of have been cautious of it because obviously the calf is a big part, especially with the injuries [around the NBA] that we had last year and things like that. So they kind of just wanted to be cautious and make sure I’m ready 100 percent.”
With Tyler Herro likely to miss the first month of the season as he recovers from left ankle surgery, Mitchell is expected to be vying for the role of day-one starter for the Heat. After playing some of the best basketball of his career down the stretch last season, he expressed frustration with being slowed down by the injury.
“Especially with the new offense we got, you kind of want to get that chemistry together to play faster,” he said. “So I kind of got a little step behind not going through the actual games with them. But I’ve been doing it in practice, so I feel good about it.”
Chiang also notes that Simone Fontecchio is participating in practice but remains limited due to left lower leg tightness. Herro and Terry Rozier are both still out without firm return dates.
We have more news from the Heat:
- After Kel’el Ware put up a double-double in the Heat’s second preseason game, head coach Erik Spoelstra expressed that he was not moved by the big numbers and wanted the big man to focus on making a positive impact on the game. Ware wasn’t discouraged by those remarks, viewing them instead as an opportunity, writes Ira Winderman of the South Florida Sun-Sentinel (subscriber link). “I always take anything Spo says to me as motivation,” Ware said. “I take it and I try to impact it in my game and I try to play as hard as I can.” Ware responded on Wednesday with 29 points and 12 rebounds — and most importantly, he helped the Heat outscore the Spurs by 10 when he was on the court. It was a big performance, and his coach noticed. “He put a lot of it together,” Spoelstra said. “His pick-and-roll coverages were really good, protecting the basket. He was closing out when he needed to. He rebounded the ball very well. And he was playing with force.” While Ware has a lot of skill, playing with force is a clear point of emphasis for Spoelstra. “My favorite play was when he had an opportunity to shoot a three at the top of the key and he just drove it so hard,” Spoelstra said.
- Also turning in an impressive performance on Wednesday night was Jakucionis, who scored eight points and handed out 10 assists in his preseason debut after missing the first two games with a sprained wrist. It was a strong start for the 2025 first-round pick, writes Chiang. Spoelstra noted that there was already a budding chemistry between the rookie point guard and second-year big man, saying, “You can see a natural connection between him and Kel’el.” Jakucionis, for his part, knows there’s still a lot of work to do, especially in terms of scoring efficiency. “I’m just trying to be consistent, stay the same,” he said. “Discipline, and stay the same mind. Don’t go too high when I’m doing good and don’t go too low when I’m doing not that good. So I’m just trying to stay consistent, stay the same way, and just improving every day to try to get 1 percent better.“
- Ware and Jakucionas were not the only recent Heat first-round picks to show out on Wednesday, Chiang writes in a separate article. Jaime Jaquez Jr., coming off a slightly disappointing sophomore season, scored 19 points on eight shots in 28 minutes. He impressed Spoelstra, who, characteristically, still wants to see more from the young forward. “He’s such a downhill force that he’s going to attract help-side defenders,” Spoelstra said. “So naturally, he has to evolve and make enough plays to keep the defense honest because we need him to be aggressive.”
- Trevor Keels was recently waived in order for Miami to sign Gabe Madsen. Both players are expected to end up with the Sioux Falls Skyforce, Winderman writes (subscriber link). Spoelstra spoke on the two players, both of whom showed enough for the Heat coach to take notice. “We want to continue to develop him, for sure,” Spoelstra said of Keels. “He showed a lot of improvement over the last few weeks. He’s gotten in better shape. He’s committed to our defensive system. And I told him this is just the beginning.” As for Madsen, Spoelstra saw some of the famous “Heat Culture” in the young guard. “He showed a level of grit, a competitive toughness that we like,” Spoelstra said. “And he’s also skilled. He knows how to play without the ball and shoot the ball, or drive off those catches. So we’re encouraged by that.”
2025/26 NBA Over/Unders: Southeast Division
With the 2025/26 NBA regular season tipping off later this month, we’re getting serious about predictions for the upcoming campaign and continuing an annual Hoops Rumors tradition.
With the help of the lines from a series of sports betting sites – including BetMGM and BetOnline – we’re running through the predicted win totals for each of the NBA’s 30 teams, by division. In a series of team-by-team polls, you’ll get the chance to weigh in on whether you think those forecasts are too optimistic or too pessimistic.
In 2024/25, our voters went 13-17 on their over/under picks. Can we top that in ’25/26?
We’ll continue our series today with the Southeast Division…
Orlando Magic
- 2024/25 record: 41-41
- Over/under for 2025/26: 51.5 wins
- Major offseason moves:
Atlanta Hawks
- 2024/25 record: 40-42
- Over/under for 2025/26: 47.5 wins
- Major offseason moves:
Miami Heat
- 2024/25 record: 37-45
- Over/under for 2025/26: 37.5 wins
- Major offseason moves:
Charlotte Hornets
- 2024/25 record: 19-63
- Over/under for 2025/26: 27.5 wins
- Major offseason moves:
Washington Wizards
- 2024/25 record: 18-64
- Over/under for 2025/26: 21.5 wins
- Major offseason moves:
Previous voting results:
- New York Knicks (53.5 wins): Over (63.2%)
- Boston Celtics (42.5 wins): Over (52.7%)
- Philadelphia 76ers (42.5 wins): Under (58.7%)
- Toronto Raptors (37.5 wins): Over (50.2%)
- Brooklyn Nets (20.5 wins): Over (54.4%)
- Cleveland Cavaliers (56.5 wins): Over (58.0%)
- Detroit Pistons (46.5 wins): Over (60.5%)
- Milwaukee Bucks (42.5 wins): Over (74.4%)
- Indiana Pacers (37.5 wins): Over (50.1%)
- Chicago Bulls (32.5 wins): Over (60.8%)
- Oklahoma City Thunder (62.5 wins): Over (62.9%)
- Denver Nuggets (53.5 wins): Over (72.1%)
- Minnesota Timberwolves (49.5 wins): Over (58.7%)
- Portland Trail Blazers (34.5 wins): Over (57.1%)
- Utah Jazz (18.5 wins): Over (55.3%)
- Los Angeles Clippers (48.5 wins): Under (58.7%)
- Los Angeles Lakers (48.5 wins): Under (52.1%)
- Golden State Warriors (46.5 wins): Over (68.3%)
- Sacramento Kings (34.5 wins): Over (55.1%)
- Phoenix Suns (31.5 wins): Under (56.8%)
Heat Sign Gabe Madsen, Waive Trevor Keels
The Heat have signed Gabe Madsen, the team announced in a release. In a corresponding move, they waived Trevor Keels.
Miami signed Madsen to an Exhibit 10 deal in September, but waived him to make room to sign Precious Achiuwa. Now, he’s back on an Exhibit 9 contract, per Anthony Chiang of The Miami Herald (Twitter link).
Madsen played a five-year collegiate career, beginning at Cincinnati and spending the next four years at Utah. He averaged 15.2 points per game in 2024/25 and made 36.0% of his three-point attempts over the course of his five college seasons.
Keels, who played collegiately at Duke, scored 12 points in Miami’s preseason opener. He’s likely headed for the Sioux Falls Skyforce, Miami’s G League affiliate. His Exhibit 10 contract makes him eligible for a bonus worth $85,300 if he spends at least 60 days with the Skyforce.
