Caleb Martin might have made a significant error during this NBA free agency period. On Saturday, Martin reportedly agreed to a 4-year deal with the Philadelphia 76ers worth $32 million guaranteed. Although this is the most lucrative contract of his career, Martin could have secured significantly more had he stayed with the Miami Heat.
According to Heat reporter Ira Winderman, the Heat had offered Martin $65 million guaranteed over five years before free agency. This offer was in the form of an extension, which required Martin to opt into the final year of his existing contract. The deadline for opting in passed last Saturday, rendering the Heat’s offer void.
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. That offer no longer was possible once he opted out.
— Ira Winderman (@IraHeatBeat) July 6, 2024
While Martin’s decision isn’t as costly as Dennis Schroder’s misstep from a few years ago, losing out on over $30 million in guaranteed money is still significant. Additionally, a deal with Miami would have been more valuable due to Florida’s lack of state income tax.
The upside for Martin is that his contract with the 76ers expires a year earlier than the Heat’s offer would have. This allows him to enter free agency again at a younger age, potentially aiding in his pursuit of his next big payday. However, Martin will need to significantly outperform his current contract to make up for the lost earnings.
