Heat buys out James Jones, gains additional cap space

The Miami Heat took another step toward maximizing its salary-cap space Tuesday, when it completed a buyout of the remaining three years on the contract of forward James Jones.

Jones had a Wednesday deadline before his 2010-11 $4.65 million salary became guaranteed.

Instead, the Heat invoked its right to pay Jones $1.86 million to walk away from the obligation, with Jones to receive similar payouts in each of the next two years, as well.

However, the Sun Sentinel has learned that because of the way Jones' 2010-11 buyout payment will be amortized, his hit against the 2010-11 NBA salary cap will be $1.5 million, opening unexpected additional space.

For the Heat, that is a small, yet significant, gain in its bid to re-sign free-agent guard Dwyane Wade, as well as possibly land two other top-tier free agents, such as Cleveland Cavaliers forward LeBron James and Toronto Raptors forward Chris Bosh.

Should the Heat now be able to find a team to take on Michael Beasley's $4.96 million salary for 2010-11, it would be in position to add three players at the top of the 2010-11 salary scale.

The free-agent negotiating period begins Thursday, with the free-agency signing period to begin July 8.

Jones now becomes an unrestricted free agent. His buyout and subsequent waiving now assures that the Heat will have only two players under contract at the start of free agency, Beasley and point guard Mario Chalmers, who is under contract next season at $854,000.

Jones signed as a free agent the Heat on July 9, 2008. He appeared in 76 regular-season games, including seven starts, during his two years with the Heat, averaging 4.1 points, 1.4 rebounds, 0.5 assists in 14.9 minutes, while shooting .366 from the floor, .376 on 3-pointers and .831 from the foul line.

Additionally, the Southwest Ranches resident appeared in eight postseason games with the Heat, with seven starts, averaging 8.6 points, 2.0 rebounds, 0.6 assists in 30.5 minutes, while shooting .515 from the field, .478 on 3-pointer and .923 from the foul line.

The seven-year NBA veteran and University of Miami graduate was originally drafted in the second round of the 2003 NBA Draft by the Indiana Pacers. He later played with the Phoenix Suns and Portland Trail Blazers.



(sun-sentinel.com)

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