A few Saturday evening Heat updates on where things stand with free agency, in the wake of LeBron James bypassing the Heat and others to sign with Philadelphia:
▪ The Heat has had conversation with free agent forward Demar DeRozan’s camp in the aftermath of James picking the 76ers, but there’s no deal at this point and it’s unclear if there will be one.
The reason: Though the Heat has interest in DeRozan and appreciates his skills, at least one Heat official wants to be patient and wait out the market before making a move with one of the team’s three open roster spots, a source said. Heat president Pat Riley has said that decisions are made by the organization collectively, among several people.
DeRozan has interest in the Heat, but he has other suitors and Miami must determine quickly whether they will move forward with any offer involving at least some of the Heat’s remaining $8 million in exception money.
Because the Heat covets Klay Thompson – who remains under contract to Dallas – it’s questionable if the Heat will be willing to offer exception money to DeRozan or anyone else.
Several teams have inquired about DeRozan, including teams with exception money available. So DeRozan doesn’t really need to sign at the minimum anywhere, at this point, and doesn’t need to wait weeks for the Heat, either.
Aside from James Harden, DeRozan — a six-time All-Star — had the most productive season of any remaining unrestricted free agent, averaging 18.4 points on 49.7% shooting in 77 starts for the Sacramento Kings last season, while chipping in 4.1 assists and 2.1 rebounds per game.
DeRozan, 36, isn’t a three-point shooter (just 30.2% in his career) but remains a highly skilled midrange shooter who can generate his own shot and at times, create for others.
▪ Thompson remains the Heat priority, even though there’s no indication when or if he will shake free from Dallas.
The Mavericks, well below the luxury tax line, have no particular financial incentive to dump Thompson — who’s owed $17.5 million in the final year of a three-year contract — unless he’s willing to take a significant pay cut on a buyout.
The Heat might end up needing that $8 million in exception money to bridge the gap with what he would be losing by taking a buyout with Dallas.
Longtime NBA reporter Marc Stein has said Dallas prefers to trade him than buy him out, and there’s no viable trade option with the Heat that has come to light. Miami’s continued interest in Thompson could be based on optimism that he will become available, but that’s unclear.
Though Thompson is no longer playing at an All-Star level, he was productive for Dallas last season. He averaged 11.7 points in 69 games and eight starts while shooting 39.3% from the field and 38.3% on 7.6 three-pointers per game last regular season.
Thompson averaged 14 points while shooting 39.1% on 7.7 three-point attempts per game across 72 appearances (72 starts) for the Mavericks during the 2024-25 regular season.
Thompson is fourth on the NBA’s all-time three-point list with 2,899 made threes, trailing only Stephen Curry (4,248), James Harden (3,390) and Ray Allen (2,973). Thompson’s career 40.9% three-point shooting is ninth among active players and 25th all time.
▪ Though the Heat spoke with free agent guard Bradley Beal’s camp earlier this summer, waiting on Thompson remained the preference as of the end of the week.
▪ The Heat would like to add another big man, but there’s no obvious name remaining in free agency.
▪ If the Heat uses its exception money to sign a player, it would need to open the season with 14 players to remain under its $209 million hard cap. Miami then could add a 15th player during the season.
This story was originally published July 25, 2026 at 8:05 PM.
Barry Jackson
Miami Herald
Barry Jackson has written for the Miami Herald since 1986 and has written the Florida Sports Buzz column since 2002.
