Jimmy Butler Won’t Sign an Extension With the Heat, Will Play Out His Contract

Jimmy Butler at Levi's x Victor Cruz Dinner in 2020
Jimmy Butler at Levi's x Victor Cruz Dinner in 2020. Photo by Andrew H. Walker/Levi's/Shutterstock (10543854j)

Miami Heat’s superstar Jimmy Butler won’t sign an extension with the franchise and intends to play out his existing contract before hitting the free agent market, according to The Athletic’s Shams Charania.

Butler is currently set to earn $48.8 million in 2024-25 and has a $52.4 million player option for 2025-26. The expectation is that he’ll reject that player option after the upcoming season in order to land a longer deal.

Charania reports that Butler isn’t willing to sign an extension even if he is traded to another team. On the other hand, the Heat didn’t show any interest in moving on from their star player at the moment.

The move makes sense for Butler, as the maximum contract he could receive in an extension is for two additional years and $113 million. On the other hand, the Heat can offer him four years and $243 million after his current deal expires, while he would be able to get a three-year, $171 million contract from another team in free agency.

It is unclear how interested the Heat are in giving Butler a new lucrative contract, considering he is turning 35 in September and hasn’t played more than 64 games in a regular season since joining the franchise in 2019-20.

Butler was limited to 60 games in 2023-24, averaging 20.8 points, 5.3 rebounds, and 5.0 assists per game. He then missed Miami’s playoff run due to an MCL sprain.

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