"The Miami Heat's most notable move this summer was acquiring Norman Powell from the Los Angeles Clippers in early July. The cost to acquire Powell was next to nothing (Kevin Love, Kyle Anderson). But it hard-capped them at the first-apron due to using the expanded trade exception to absorb his $20.4 million. It also didn't affect the Heat's cap sheet next summer, though Powell is currently extension eligible."
"Powell, 32, is eligible for a three-year, $77 million extension. But once his six-month deadline with team clears, he will be eligible for a $129 million extension over four years. He will be eligible to sign a new deal up until the new league year; only veterans who are in the final year of their current contract (min. three years) can sign an extension at any point during his final season on contract."
Miami acquired Norman Powell from the Clippers in early July for minimal cost. The Heat used the expanded trade exception to absorb Powell's $20.4 million salary, hard-capping the team at the first apron while not affecting next summer's cap sheet. The Heat is open to extending Powell if the season starts well, but an extension would reduce cap flexibility and could leave modest space if Andrew Wiggins departs or push Miami over the cap while remaining under the luxury tax if Wiggins and others stay. Powell, 32, is eligible for a three-year, $77 million extension now or a four-year, $129 million deal after a six-month deadline. Powell averaged 21.8 points and 41.8 percent on three-pointers last season; the next deal may be his last big payday.
Read at Hot Hot Hoops - Miami HEAT NBA Blog
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