Josh Richardson has reportedly agreed to a 4-year contract extension with the Miami Heat worth $42 million. The Heat, who have recently doled out multi-year extensions to most of their core players, continue to conserve their current roster by locking up Richardson long term before he hits restricted free agency next summer.
The 2015 2nd round pick will make just $1.5 million this season before the extension kicks in. Starting next year, Richardson’s expected contract breakdown has him set to earn $9.3 million the first year, $10.1 million and $10.8 million the next two years, with an $11.6 million player option for year four.
This move effectively caps out the Heat for next offseason. Miami was smart to get this deal done now, because if a bidding war for Richardson were to erupt next summer they may have been unable to match a max deal.
Richardson has traditionally been viewed as a shooting guard for much of his career. But at 6’6”, he has emerged as a candidate to start at small forward for the Heat this season. Justise Winslow is returning from a shoulder surgery that caused him to miss all of the last year, and Head Coach Erik Spoelstra reportedly prefers Rodney McGruder as a role player off the bench. Although Winslow and McGruder are both expected to compete with Richardson for the starting spot.
Miami has been actively spending this offseason. The Heat retained Dion Waiters, 4yr/$52 million, and James Johnson, 4yr/$60 million, and also signed free agent Kelly Olynyk, 4 yr/$60 million. This season will be the last year of Tyler Johnson’s smaller base salary of $5.8 million, before the “poison pill” that Net’s GM Sean Marks included in his offer sheet kicks in. The final two years of Johnson’s deal pay him $18.8 and $19.6 million, respectively.
