Max Cap Room
$34 million (not including their first round pick)

$8.8 Room Mid-Level Exception

Potential Free Agents

• Jimmy Butler ($50.1 million player option, Full Bird Rights, Unrestricted)

• Terry Rozier ($26.6 million salary only $24.9 million guaranteed)

• Duncan Robinson ($20.7 million early termination option, Full Bird Rights, Unrestricted)

• Josh Richardson ($2.3 million cap hold, Early Bird Rights, Unrestricted)

• Thomas Bryant ($2.3 million cap hold, Early Bird Rights, Unrestricted)

• Alec Burks ($2.3 million cap hold, Non-Bird Rights, Unrestricted)

• Pelle Larsson ($2 million salary only half guaranteed)

Summary
The Heat technically could have a significant amount of cap space, but only if both Butler and Robinson opt out and leave, both of which seem unlikely. 

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If just one opt of them opts out and leaves, they should have room below the first apron to use the full $14.1 million Non-Taxpayer MLE and the $5.1 million Bi-Annual Exception (although it's a little tight if it's Robinson the one who leaves, and if Butler opts in or re-signs for a similar amount). 

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If both opt in or re-sign for similar money, the Heat should have enough room below the second apron to use the $5.7 million Taxpayer MLE to add talent.

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Potential Free Agency Targets

Power Forward / Center Combo

• Trendon Watford

• Jeff Green

• Guershon Yabusele

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Two-Way Wings

• Taurean Prince

• Gary Trent Jr.

• Dorian Finney-Smith

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Guards

• Aaron Holiday

• Russell Westbrook

• Chris Paul