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Heat Sign Steve Settle, Waive Gabe Madsen

The Heat have signed forward Steve Settle III and waived wing Gabe Madsen, according to the team.

Miami originally agreed to an Exhibit 10 contract with Settle right after he went undrafted in June. It’s now come to fruition.

Settle III started in all 31 games in which he appeared last season at Temple and averaged 12.6 points, 6.2 rebounds, 1.7 assists, 1.0 steals, 1.0 blocks and 33.2 minutes while shooting 47.8 percent from the field, 41.6 percent from three-point range and 73.6 percent from the foul line. He led the team in rebounds, blocks, minutes and three-point field goals made.

Additionally, he appeared in five Summer League games with the Heat.

Madsen re-signed with Miami last week after being waived in September. He returned on an Exhibit 9 contract.

Madsen appeared in two preseason games, averaging 4.5 points and 2.0 assists in 14.5 minutes per game.

Madsen played a five-year collegiate career, beginning at Cincinnati and spending the next four years at Utah. He averaged 15.2 points per game in 2024/25 and made 36.0% of his three-point attempts over the course of his five college seasons.

Settle will likely be waived and join the Sioux Falls Skyforce in the G League. If he stays at least 60 days with Miami’s affiliate, he’ll be eligible for a bonus worth up to $85.300.

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