Jimmy Butler not to sign contract extension with Miami Heat set to be in free agency

According to various reports, Jimmy Butler of the Miami Heat has made his final decision that he will not sign a contract extension and will be entering free agency. He won't be signing with the Miami Heat or any other team next season; instead, he will finish his current deal with them. This is before his opt-out in 2025.

Butler joined the Miami Heat in 2019, and since then, he has become one of the key players of the team. In his first season with them, they made it into the NBA Finals in 2020. But couldn’t win the NBA Finals with the Miami Heat as they lost to the Los Angeles Lakers in six games.

Jimmy Butler of the Miami Heat has declined to sign a contract extension, forcing him to enter free agency. Despite speculation of a move due to the lack of an extension, Butler's choice reaffirms his commitment to Miami for the next season. League insiders affirm Butler's liking for Miami and a strong desire to stay with the Heat.

While the Miami Heat have not shown any desire to trade Butler, they would consider doing so this summer if a lucrative offer came their way. However, Butler's reluctance to sign a quick deal will seemingly limit the potential return from moving their premier player.

Jimmy Buttler still has two seasons in his current contract

However, Jimmy Butler still has two seasons in his current contract and has a contract of $48.8 million for the 2024/25 NBA season and an option of $52.4 for the 2025/26 season. As NBA drafts and free agency are going to take place soon all teams in the NBA are having eyes on Jimmy Butler's situation.

Jimmy Butler who averaged 20.8 points, 5.3 rebounds, and 5.0 times a game with the Heat last season, is looking forward to a good 2024-25 season. This would not only help the Heat rebound from their first-round playoff loss to the Boston Celtics, but it would also put Butler in a better position to land a more expensive deal next summer, whether in Miami or elsewhere.

When Butler opts out next summer to become a free agency, he will be eligible for a four-year maximum contract valued at $243 million with his current franchise or a three-year deal for $171 million with another team.