The Wade tributes — called “L3GACY Celebration” — will be held Friday, Saturday and Sunday. Friday’s event at AmericanAirlines Arena will be a series of tributes to honor Wade’s impact on the Heat and the South Florida community. Wade’s jersey No. 3 will be retired Saturday before the Heat host the Cavaliers. Sunday, a documentary will be screened highlighting Wade’s NBA career, with the 13-time All-Star and three-time champion addressing the crowd.
While $400 million may seem like a lot for new additions in a summer where far fewer players will hit free agency than last summer, it will be an absolutely brutal market for players who want to make more than $10 million. As recently as January, I projected eight teams would use cap space this summer and amazingly that number is actually even lower now. While a few other franchises could clear functional space if desired, only seven look like they will use cap space this summer: the Hawks, Knicks, Pistons, Heat, Suns, Hornets and Trail Blazers, a group that could easily shrink if Phoenix chooses to retain Dario Saric or Portland keeps Trevor Ariza’s $12.8 million.
However, that is only the start of what must be giving agents cold sweats. There are no double max teams and only the Hawks, Knicks and Pistons look likely to have enough wiggle room to sign a 7-9 year player to a 30 percent max contract, though the Heat and possibly Hornets could join them with smaller moves. That gets even more treacherous because Pat Riley has made it abundantly clear that he prioritizes 2021 cap space, meaning Miami will presumably not use its money to sign players for more than one season unless it is an incredibly team-friendly contract. The same could be true for the Knicks and potentially anyone other than the Trail Blazers, since extensions for Damian Lillard and CJ McCollum in 2021 makes their space use it or lose it.