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Norman Powell #24 of the Miami Heat controls the ball against the Oklahoma City Thunder during the first half at Kaseya Center on January 17, 2026 in Miami, Florida.

The Miami Heat face financial restrictions in trying to retain free agent Norman Powell after executing a trade for Giannis Antetokounmpo.

Although the Heat own Powell’s bird rights and can go over the salary cap to retain him, they became hard-capped at the first apron when trading for Giannis, leaving them with limited flexibility to rebuild their bench after sending four players to Milwaukee.

Per ESPN’s Bobby Marks, the Heat may need to renegotiate Andrew Wiggins’ contract or risk filling the entire bench with veteran-minimum players.

“The swap of four players for one not only opens roster spots but also heightens the importance of retaining free agent Norman Powell. But now, Miami keeping Powell comes with financial restrictions,” Marks wrote late on Monday.

“Because the Heat used more than 100% of the traded player exception in the deal for Antetokounmpo, they are hard-capped at the first apron. Miami is a projected $18 million below, with up to five roster spots to fill,” added the front office insider.

Miami Heat Face Tough Questions

So, how can the Heat fill those five vacant roster spots while retaining Powell?

Marks provided more insight.

“It is unlikely Miami can fill out the rest of the roster with players signed to the veterans minimum while staying under the threshold and still have room to sign Powell.

“To create additional flexibility, Andrew Wiggins could decline his $30.2 million player option and sign for less but with an additional season tacked on. For example, a new two-year, $45 million contract for Wiggins would put Miami $38 million under the first apron.”

It’s unknown if Wiggins will decline his $30.2M player option for the 2026-27 season. But if he does, the Heat will clearly have a lot more flexibility to add around their All-Star trio of Antetokounmpo, Bam Adebayo and Powell.

Norman Powell Contract Value

The Heat would ideally prefer to lock Powell into an extension before the June 29 deadline. If not, the veteran wing will hit the open market as a free agent, heightening the risk of the Heat losing him to a motivated bidder.

Last month, Marks projected Powell, fresh off his first-ever All-Star appearance, to sign a contract in the three-year, $65M range. The insider noted that the Heat would be able to use their $15M non-tax MLE if they can lock Powell to a starting salary of $20M.

“A potential blockbuster Antetokounmpo trade would play a role in the next contract for Powell,” Marks wrote shortly after the Heat lost the play-in game. “In the scenario, Miami takes back more salary in a deal and the first apron is then triggered.”

The Heat can obviously ill-afford to lose Powell, who has the playmaking and scoring chops to serve as the third option behind Antetokounmpo and Adebayo.

The one positive for Heat fans is they’ve seen their front office navigate similar financial restrictions when they put together the Big 3 of LeBron James, Dwyane Wade and Chris Bosh in 2010. At the time, the Heat expertly filled out the rest of the roster with smart veterans who helped them make a run to the NBA Finals.