DEAL CANCELED: Jimmy Butler has terminate a two-year, $48.8 million contract extension offered by Miami Heat after……

With the Miami Heat’s season ending after their first-round playoff elimination by the Boston Celtics on Wednesday night, focus now shifts to crucial decisions regarding the draft, trades, and free agency. A major question this offseason concerns one of their top players, Jimmy Butler. Butler, turning 35 on September 14, is expected to seek a maximum two-year contract extension worth about $113 million, according to a league source.

Butler’s current three-year, $146.4 million extension, signed in the 2021 offseason, guarantees him $48.8 million next season and includes a $52.4 million player option for the 2025-26 season. The proposed extension would replace this option, starting in the 2025-26 season, with salaries of $54.3 million for that season and $58.6 million for the 2026-27 season when Butler turns 37. These figures may adjust based on the NBA’s salary cap at that time. The over-38 rule limits Butler to a two-year extension, as it prevents new contracts extending beyond three years from the current guaranteed season.

In essence, Butler is looking to replace the remaining two years and $101.2 million on his current contract with a three-year deal worth $161.7 million. For comparison, Butler will be the 11th-highest paid NBA player next season with his $48.8 million salary. If he secures this extension, he would rank as the eighth-highest paid player for the 2025-26 season with $54.3 million, and sixth-highest for the 2026-27 season with $58.6 million, based on current contracts.

The decision on Butler’s extension will be made in the coming months, with the window to sign opening on July 7. Butler and his representatives are expected to push for this extension before the next season begins, with the window to finalize such a deal closing on June 30, 2025. Choosing not to offer this extension could lead to dissatisfaction from Butler. Notably, other veterans like Damian Lillard and LeBron James have signed max extensions in their 30s, highlighting the trend of securing lucrative deals later in their careers.

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