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A year after proving to be an extremely valuable piece to the Miami Heat during the team's run to the 2023 NBA Finals, Caleb Martin had the chance to sign the biggest contract of his career this offseason. And while he appears to have done so by reportedly signing with the Philadelphia 76ers, he may have left quite a bit of money on the proverbial table.
Martin, who averaged 12.7 points, 5.4 rebounds, and 1.6 assists while shooting 52.9% from the field and 42.3% from three last postseason, has, according to reports, signed a four-year deal with the 76ers worth $40 million total. And the contract may not be fully guaranteed, as ESPN's Adrian Wojnarowski has reported that the deal is “guaranteed for more than $32 million,” leaving open the possibility that the final year is partially or not guaranteed.
If true, that could mean that Martin missed out on about $25 million and an additional year of security because according to Heat insider Ira Winderman, Miami offered Martin a five-year, $65 million contract before his 2024-25 player option deadline last week.
“Per multiple NBA sources: Caleb Martin had turned down a five-year, $65 million extension ahead of free agency, one that would have required him to opt into the final year on his Heat contract by last Saturday's deadline,” Winderman tweeted. “That offer no longer was possible once he opted out.”
“According to an NBA source, Martin deal is for $40 million over four years, less than $13 million average Heat had offered as part of opt-in/extend,” Winderman followed up with in a separate tweet.
As Winderman indicated, if Martin was indeed offered the $65 million deal — technically, it would have been a four-year, $58 million extension tacked onto his $7.1 million player option — he would be set to make about $25 million more total and about $4.5 million more on average per year (if he was being offered $58 million), in addition to being under contract for one more year.
Why did Caleb Martin turn down Heat's contract offer to sign with 76ers?
If Martin's contract with the 76ers is truly for four years and $40 million, it would appear that Martin and his representation overestimated his value on the free-agent market. While Martin was a hot commodity after his big playoff performances last year, he did not have an exceptionally strong season this year. While averaging a career-high in points (10.0 per game), Martin shot only 43.1% from the field and 34.9% from three, both the second-lowest in his career. Martin also did not get a lot of time to shine in the playoffs, as the Heat, without Jimmy Butler, were eliminated in five games by the Boston Celtics.
Even if he did not want to sign the extension that the Heat offered, Martin could have still decided to exercise his player option, which was worth $7.1 million. However, he chose to decline the option before the June 29 deadline and become an unrestricted free agent. Martin and the Heat reportedly engaged in “intense” negotiations in the week since then, according to Heat reporter Barry Jackson, who said that Martin's representatives believed the “Heat was trying to force him to take what Martin rep thought was below market deal and made that clear.”
Ultimately, the two sides were apparently too far apart to reconcile, leading Martin to one of the Heat's Eastern Conference foes.
