Breaking: Heat sign Josh Richardson to 4-year, $42 million extension
The Miami Heat have signed shooting guard Josh Richardson to a four-year, $42 million extension, according to ESPN’s Adrian Wojnarowski.
This comes months after start Dion Waiters was rewarded with a four-year, $52 million contract earlier this offseason.
Richardson will receive a generous boost in salary, going from a $1.5 million salary in 2017-18 to making $10.5 million per year during those four years. Miami is expected to hit the luxury tax next season after extending him, going into a $9.4 million cap hit as the organization reached $117.5 millionin salary, approximately $5.5 million below the tax line, according to ESPN Insider Bobby Marks.
With 10 contracts listed for the 2018-19 season, the Heat can pay a couple extra million dollars if Waiters plays 70 or more games and center Kelly Olynyk plays 1,700 minutes or more during the season, triggering their individual bonuses.
The Heat have put on a building block based around youth and guts, making this a no-brainer move by the team’s front office, locking down a prototypical three-and-D player that can play multiple positions.
Richardson is now in line to compete for the small forward spot with Justise Winslow and rookie Semi Ojeleye, one which he could snag thanks to his much-needed three-point shooting and tenacity at the defensive end. Even if he doesn’t secure a spot as a starter, he is still expected to see plenty of minutes off the bench.
The 6-foot-6 wing will need to put on some muscle if he is to play the position long time, but should benefit from an up-and-down pace thanks to this young core.
The market for three-and-D players is only growing every season, making this a prime situation to lock him down long-term and have him be part of the equation moving forward.