Since the 2022 NBA Finals ended on June 16th, the Miami Heat have been very busy making key roster moves for the 2022 NBA Offseason. In addition to Veteran Forward P.J. Tucker declining his $7.4 Million Player Option, Miami has also decided on one of their players’ upcoming free agency. According to the Miami Herald’s Anthony Chiang, Miami has extended a $2.1 Million Qualifying Offer to Forward Caleb Martin. Simply speaking, this makes Martin an Unrestricted Free Agent this offseason, but will also allow Miami to retain the right to match outside offers from other teams up to the $10.3 Million Mid-Level Exception.
“I want to be here,” Martin said of his desire to return to the Heat after the season came to an end in late May. “I got better here, and I believe I will get better here. Obviously, I just want a great situation no matter what. But I just think with how close I’ve gotten with the guys and the people here, and how much better and more confident I’ve been here. I feel like my team and my staff believes in me and believes that I’m going to get better here.”
Miami would sure love to keep Martin in South Beach as well, as he thrived in Head Coach Erik Spoelstra’s coaching schemes. In 60 games off the bench, Martin averaged a career-high 22.9 MPG, 9.2 PPG, 3.8 RPG, 1.1 APG, and 1.0 SPG while shooting 50.7% from the field, 41.3% from three-point range, and 76.3% from the free-throw line. Thanks to his unique blend of athleticism and size (6’5″, 205 Pounds), Martin was a versatile weapon for Miami on both ends of the court, and played a major role in the Heat returning to the Eastern Conference Finals this season.
After playing college basketball at North Carolina State and Nevada, Martin’s future in the NBA began to dwindle, as he went undrafted in the 2019 NBA Draft. Luckily for Martin, Charlotte decided to take a chance on Caleb and gave him a two-way contract, which allowed him to be reunited with his brother Cody Martin, who was selected No. 36 by Charlotte in the 2019 Draft. After playing in just 71 games with Charlotte, Martin was let go, only to be signed by Miami this season.
With Martin coming off his best professional season and only 26 years old, Martin will be highly valued by other NBA teams in search of a reliable wing. If Miami does lose Tucker this offseason, then resigning Martin will be key, but it won’t be easy. Since Miami doesn’t own Martin’s Bird Rights and is set to have negative cap space (-$31 Million) this summer, the Heat aren’t financially able to match an outside offer greater than the $10.3 Million Mid-Level Exception.
With this said, Miami can still resign Martin by using the $10.3 Million Mid-Level Exception, or the $4.1 Million Bi-Annual Exception. The Heat will likely have to pay a premium to keep Martin in South Beach, as The Athletic’s John Hollinger’s Valuation System values Martin at about $8.9 Million, which would hard cap Miami at about $155 Million this upcoming season.
“Obviously, being open-minded during free agency. You have to be and it’s my first experience with that,” Martin said. “But I want to be [with the Heat]. I love being here. I want to be here, so that’s all I got on my mind right now until I see what happens or whatever type of experience I’m going to get in free agency.”