Miami carries a $206.9M payroll, above the $200.4M tax line and still below the $209.0M first apron. Two contracts eat most of it, and the picks leave little to trade.
Over the Line
The Heat are above the luxury tax line at $206.9M. The cap is $165.0M, the tax line is $200.4M, the first apron is $209.0M and the second apron is $221.7M. The first apron sits just above this payroll, so any added salary has to be weighed against it. Miami is 2-4 and 10th in the East. That is a tax-paying team with a losing record.
Two Contracts
Giannis Antetokounmpo earns $58.5M and Bam Adebayo $49.8M. Next season they rise to $62.8M, a player option for Antetokounmpo, and $53.8M. Andrew Wiggins is third at $30.2M, listed as a player option. Nikola Jovic is at $16.2M and Bobby Portis at $14.5M. Everyone else on the sheet earns far less, so there is no mid-sized contract to shop.
Next Year's Books
Wiggins is listed at $16.3M for 2027-28. Portis holds a $15.6M player option. Pelle Larsson's $13.4M is a team option, up from $2.3M now. Klay Thompson has a $5.9M player option and Dru Smith a $2.9M team option. Davion Mitchell's $12.4M and Tim Hardaway Jr.'s $6.5M do not appear on that sheet. Some money leaves, but the two big deals stay put and grow.
Picks Spoken For
Miami's 2027 first-round pick is protected to Charlotte. Its 2028 first is conditional to Charlotte, and its 2028 second is conditional to Detroit. The 2029 first is the first one listed as Miami's own. The 2030 first is a swap, as are several seconds. That is little to offer in a trade. All U Can Heat's Michael Saenz has named Zach LaVine as the most plausible big-name midseason addition. Matching salary would be the problem, and the picks would not help.
The Verdict
Miami has no room to spend and no easy way to shed. Everything depends on whether the current group wins. A 2-4 start with a minus-3.6 net rating this season, over six games, does not justify a bigger bill. The next five games, all on the road, will show whether ownership has a reason to pay more.
Are the Heat over the luxury tax in 2026-27?
Yes. Miami's payroll is $206.9M, above the $200.4M tax line. It is still below the $209.0M first apron.
How much do Giannis Antetokounmpo and Bam Adebayo make?
Antetokounmpo makes $58.5M this season and Adebayo $49.8M. In 2027-28 they are listed at $62.8M, a player option, and $53.8M.
