The first big trade rumor of the 2024-25 NBA season dropped from the sky on Tuesday, courtesy of ESPN’s Shams Charania. The prolific NBA insider reported the Miami Heat were “open” to hearing trade offers for star Jimmy Butler, who’s averaging 19.0 points, 5.4 rebounds, and 4.8 assists per game so far this season. Furthermore, Charania noted Butler’s agent Bernie Lee is making it known the 2023 All-NBA wing would prefer to end up with one of three teams; failing that, Butler wants to end up on a legitimate championship contender.
“The Heat are open to listening to offers for Butler and making a deal if the proposal is right,” Charania reported. “Butler's agent, Bernie Lee, has indicated in league circles that Butler is open to destinations such as two of the Texas teams (Houston Rockets and Dallas Mavericks) and the Golden State Warriors… Above all, though, he is believed to prefer a win-now title contender in any trade.”
While head coach Erik Spoelstra refuted the report when asked about it on Tuesday, it would be significant if a trade were to come to fruition. Butler has come to define the gritty, get-it-done-at-all-costs “Heat Culture” since signing there in 2019. His departure would fundamentally change the identity of Miami’s franchise as we’ve come to know it. On top of that, this report makes Butler by far the biggest fish to be caught at this year’s trade deadline. While Butler has struggled with availability in recent seasons, when healthy he provides elite two-way play. He’s still capable of defending at a high level while collapsing the paint offensively and enjoys constant trips to the free throw line. Most importantly, Butler’s reputation as a player who gets significantly better in all those areas during the postseason is well-earned.
But a few key details muddy the possibilities quite a bit.
Butler’s salary is $48 million and he has a player option in his contract at the end of this season that he plans on declining to enter free agency no matter what team he’s playing for, per ESPN. Therefore, any possible trade partners have to take into account that they’re only guaranteed Butler for this season. At the same time, the Heat will not accept a bag of chips and filler contracts for his talents. Interested parties will have to thread the needle of not giving up everything for a guy who could easily depart come summertime, but still giving up enough to convince Miami it’s worth trading Butler. On top of it all, this is the first season where the new CBA trade rules are in effect.
Taking all that into account, let’s dig into how the three teams Butler is reportedly most interested in could acquire the five-time All-NBA wing, as well as one dark horse candidate.
First, a quick primer on how the CBA rules will affect any possible pursuit of Butler.
The Heat are a first apron team, meaning their collective salary takes them over the first tax apron, which is $178 million. Consequently Miami cannot take back more salary than it sends out in any trade. In other words, if the Heat do trade Butler, they can’t take back more than his $48 million salary; any trade package would have to match his exact salary or clock in below that number. This applies to any interested team that also boasts a payroll above the first apron.
Teams above the second apron deal with that restriction and cannot put multiple players in the same trade, which means those teams would have to trade one player for Butler straight-up and they’d have to be making almost exactly as much money as he is. This effectively eliminates any team above that second apron as contenders for Butler’s talents.
Finally, teams below the first apron don’t have nearly as many limiting factors when it comes to trade flexibility. These teams operate closest to the previous CBA rules, where just about any trade could be pulled off as long as the salaries were right. However, even some of those teams have bumpers; some are “hard-capped” at the first apron for the season, meaning at no point can their payroll exceed $178 million. This can complicate trade talks, especially since all three of Butler’s reportedly preferred destinations are, indeed, hard-capped at the first apron.
Does all that make using ESPN’s trade machine a lot less fun? Yes, it does. But can a deal still be made? Absolutely.
Let’s break down possible trade packages for Butler.
Heat forward Jimmy Butler and Warriors guard Stephen Curry
Butler, left, would provide the sort of hard-nosed perimeter defending the Warriors have often lacked in recent years. / Cary Edmondson-Imagn Images
Tax status: Hard-capped at first apron
Butler would be a fascinating fit on the Warriors, who are sitting smack in the middle of the West playoff picture with a 14–9 record so far. He isn’t the third star of the caliber Golden State was hunting this offseason, but his reliable offensive production in tandem with hard-nosed defense is exactly what the Dubs have been missing from the supporting cast around Steph Curry in recent years. Sure, the spacing would get tight between him and Draymond Green as far as their combined inability and/or unwillingness to shoot from deep. But no team is better equipped to fix that particular problem than the Warriors and Curry, the greatest floor stretcher in basketball history.
Adding Butler could give Golden State the extra juice it needs to make a serious run at one last NBA title for the 36-year-old Curry before he enters his twilight years. Unfortunately, it would not be easy. The Warriors would be forced to include one of Jonathan Kuminga or Brandon Podziemski, both of whom were declared untouchable in offseason trade talks, in order to make the money work. They’d also have to hope the Heat would accept De’Anthony Melton’s $9 million salary even though he’s done for the year with a torn ACL.
A few big “ifs”, to be sure. But mountains tend to move when a star player asks out and names a specific team as a preferred destination. If the Warriors want this deal without a doubt, they have the ammo to make it happen.
Proposed trade: Andrew Wiggins, De’Anthony Melton, Jonathan Kuminga, and Lindy Waters
Dallas Mavericks guard Kyrie Irving
Irving would almost certainly have to be included in any trade package by the Mavericks. / Geoff Burke-Imagn Images
Tax status: Hard-capped at first apron
Adding Butler to a Mavericks team that just made the NBA Finals and are tied for fourth in the West through 24 games this year is mighty intriguing. He seems tailor-made to help cover for Luka Doncic’s few deficiencies and in particular fix the problems that plagued the roster against the Boston Celtics. His point-of-attack defense would be very welcome, as well as his ability to take the offensive burden off Doncic and Kyrie Irving’s shoulders.
Of course, the Mavericks added the combination of Klay Thompson and Naji Marshall this past offseason to solve those very issues. As a result Dallas is quite limited in who could be offered for Butler. A package featuring P.J. Washington and Daniel Gafford is a good start on making sure the finances can work but that robs the Mavs of the depth they rode throughout the playoffs last season. Plus, while those two are good players, the Heat will want more in exchange for Butler and are unlikely to settle for draft picks that will end up in the high 20s instead of quality talent.
Which leads to the conclusion that a realistic Butler offer from the Mavericks would have to include Irving. He’s averaging 24.3 points per game this season on 50.4% shooting from the floor and has been pivotal in helping the Mavs survive minutes and games without Doncic. But a case could be made that swapping his offensive-centric skillset with Butler’s is a net positive for the Mavericks, and he is almost certainly the best player the Heat could dream to acquire in exchange for Butler’s (effectively) expiring contract. Putting him on the table would make Dallas strong front-runners for Butler’s talents.
It is far from the likeliest option. But if Dallas is dead-set, like really dead-set, on getting Butler, Irving has to be included. Any other package from the franchise just wouldn’t be enough.
Proposed package: Kyrie Irving, Quentin Grimes, and Olivier-Maxence Prosper
Tax status: Hard-capped at the first apron
It would make sense if the Rockets were Butler’s top destination. He’s a Houston native and the team is one of the big surprises of the young NBA season, posting a 16–8 record in the opening quarter of the year powered by strong defense and high-flying offense. Butler’s defensive prowess and overall no-B.S. attitude seems like a hand-in-glove fit with head coach Ime Udoka. On top of all that, Houston is expected to eventually make a trade just like this because the roster is crowded with good, young players.
General manager Rafael Stone said Tuesday the franchise has no intention of blowing up its young core this season for a veteran star, and it wouldn’t necessarily be a surprise if they stuck to their guns on that front. But if Houston decided Butler was the final piece to propel the team back into regular playoff contention, the path to acquiring him is clear.
The Rockets own more flexibility with their financial situation (they have about $15 million in cap room before hitting their first apron hard cap) which opens up the options. The package would start with Dillon Brooks and Steven Adams to balance the financials. Then Houston would have to include at least one young guy to entice the Heat to make a deal. Reed Sheppard would work financially, although his first NBA season has been a struggle after the hype train was full-steam ahead following Summer League. Jabari Smith Jr. would be more enticing but his versatility is key for many of Udoka’s lineups. Amen Thompson’s fit has been awkward enough at times that the Rockets could consider moving him, but his budding potential is clear to anyone with eyes, especially of late.
Ultimately, though, Houston will have to give up a prized player to get Butler. Such is the nature of the trade beast. Smith Jr. is more proven at this point and that makes him the most likely young player to be included in a trade for Butler.
Proposed package: Dillon Brooks, Steven Adams and Jabari Smith Jr.
Tax status: Below first apron
The news around Butler on Tuesday named the above three teams in particular as potential trade partners. Surveying the landscape of the league, those are also the top three teams that stand out in terms of having both means and motivation to get a deal done. The Grizzlies, however, loom as an intriguing option in both regards.
Memphis is second in the West with a 17–8 record despite injuries littering the roster. The team has thrived despite it all thanks to remarkable depth bolstered by surprise breakout players like Scotty Pippen Jr., Jay Huff and Jaylen Wells. But the Grizzlies could be tempted to sacrifice some of that depth for another star who can join the Ja Morant/Jaren Jackson Jr./Desmond Bane trio in pushing Memphis deep into the postseason.
Should they go in that direction, Butler makes sense for numerous reasons. He boasts more playoff experience than the rest of the roster and would be second only to Morant in his ability to just go get a bucket when the team needs it most. The spacing would be … questionable … to say the least, but a regression to the mean for Bane (career 41% three-point shooter, 32.5% so far this year) and the return of Luke Kennard would help that significantly. On top of it all, if Butler doesn’t mesh, it’s a short-term arrangement anyway.
The Grizzlies own all their draft picks for the foreseeable future in addition to a convoluted pick swap in 2026. A package featuring Marcus Smart, Brandon Clarke, Jon Konchar, GG Jackson, and one or two picks would be very competitive while working financially. This isn’t to say the Grizzlies will do this, or even should do this— but it’s feasible and would represent the sort of “all-in” approach we’ve seen from playoff contenders trying to make the leap to championship contention.
Proposed package: Marcus Smart, Brandon Clarke, Jon Konchar, Vince Williams Jr., 2025 first-round pick