Caleb Martin turns down Miami Heat contract, signs with Philadelphia 76ers for $30 million less

Caleb Martin agreed to a contract with the Philadelphia 76ers worth four-year/$32+ million, fully-guaranteed and with a player option in the fourth year.

While the contract is definitely the biggest of Caleb Martin’s career, it reportedly could have been significantly more money if he stayed with the Miami Heat.

Caleb Martin signs four-year/$32+ million deal with Philadelphia 76ers >>

The Heat offered Caleb Martin a five-year, $65 million contract extension ahead of free agent, one that would have required him to opt into the final year of his current contract with Miami ahead of last Saturday’s deadline.

The offer was no longer available once he opted out.

Caleb Martin turns down Miami Heat, signs with Philadelphia 76ers

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

Obviously, I have zero issues with this being a Philadelphia 76ers fan but at the same time, losing $30 million in guaranteed money has to hurt. Looking at the state income tax in Florida compared to Pennsylvania is just additional salt in the wound.

Martin’s contract with the 76ers does end a year sooner than the Heat offer. This means he will become a free agent at a younger age, potentially benefiting him in his quest for a better contract. I guess that’s a silver lining, right?

Five minutes of new 76er Caleb Martin cooking the Celtics 🔥 pic.twitter.com/kVXAXkAy9U

— The Liberty Line (@LibertyLinePHL) July 6, 2024

There’s also the fact that the Philadelphia 76ers are now widely considered to be a Top 3 team in the Eastern Conference, joining the ranks of the Boston Celtics and the New York Knicks.

Joining Tyrese Maxey, Joel Embiid, and Paul George over Jimmy Butler, Bam Adebayo, and Tyler Herro is undoubtedly a major upgrade and will give Martin a better shot at winning an NBA Championship.

Recap of the Sixers offseason:

– Caleb Martin takes less than Miami offer
– Tyrese Maxey max extension
– Paul George max FA contract
– Kelly Oubre team friendly 2 year deal
– Eric Gordon minimum
– Andre Drummond 2 year, $10 mill
– Drafted Jared McCain

Daryl Morey masterclass 💰

— Josh Reynolds (@JoshReynolds24) July 6, 2024

WATCH: New Sixers forward Caleb Martin and known playoff riser torches the Celtics >>

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