The Miami Heat on Tuesday completed the formality of converting the two-way contract of emerging forward Caleb Martin into a standard deal, making him eligible for the playoff roster.
The move gives the Heat 14 players under standard contract, one below the NBA maximum, and opens a two-way roster spot. Guard Kyle Guy holds the Heat’s remaining two-way contract.
In the wake of last week’s trade of KZ Okpala to the Oklahoma City Thunder for a 2026 second-round pick, the Heat now also have the financial wherewithal below the punitive NBA luxury tax to also sign a 15th player to a standard deal.
Martin had been paid on the $450,000 season salary scale for two-way players, now to receive a prorated salary the balance of the season from the $1.8 million veteran-minimum scale.
Martin’s deal is for the balance of the season. He then will become a restricted free agent on July 1. Based on where the Heat stand against the salary cap for their 2022-23 payroll, the Heat’s likely maximum offer would be a four-year, $44.4 million contract. Should an outside team exceed that figure, the Heat likely would be unable to march.
Martin has emerged as a dual revelation for the Heat, with both his scoring and lockdown defense. He was picked up after he was waived by the Charlotte Hornets in August, the Hornets instead opting to keep his twin brother, Cody Martin.
“This was just one of those things that was an inevitability, that we had to just get some things in order to be able to do it,” coach Erik Spoelstra said before Tuesday night’s game against the Dallas Mavericks at FTX Arena. “But he’s earned it.
“And when he first arrived here, there were no guarantees. We were just trying to get to know each other and put together a role where we thought he could be helpful. And he’s embraced all of it, and then some. And it’s been a joy to watch him work and commit to the process, and then produce winning basketball.”
Martin, 26, signed with the Heat on Sept. 14. He entered the week having appeared in 44 games (10 starts), averaging 9.5 points, 4.0 rebounds, 1.0 assists in 22.9 minutes, shooting .506 from the field, .379 on 3-pointers and .739 from the line.
Among his highlights have been an 18-point, 10-rebound double-double in a Jan. 12 road victory over the Atlanta Hawks, and setting career highs in points (28), field goals made (9) and 3-pointers (6) while tying his career high in blocks (2) in a Dec. 8 home victory over the Milwaukee Bucks.
Martin previously helped lead Nevada to a 29-4 record and an NCAA Tournament berth in 2019 as a senior, before going undrafted.
The Heat on Tuesday also formally announced the 10-day contract extended to guard Haywood Highsmith, a move that comes with Heat sixth man Tyler Herro dealing with knee soreness.
The deal will keep Highsmith with the Heat through the Feb. 25 road game against the New York Knicks. While that will be the 11th day of the contract, 10-day contracts either are for a maximum of 10 days or a minimum of three game opportunities. The 6-foot-4 guard’s 10-day deal is interrupted by the Heats’ weeklong All-Star break.
Highsmith previously signed to a 10-day contract by the Heat on Dec. 30, appearing in four games, totaling 12 points, five rebounds and a block in 41:34 minutes, shooting 4 of 7 on 3-pointers. He has also appeared this season in 17 G League games (11 starts) with the Delaware Blue Coats, the Philadelphia 76ers’ affiliate, averaging 13.6 points, 5.5 rebounds, 2.4 assists, 1.24 steals in 29.8 minutes, while shooting .494 from the field and .393 on 3-pointers.
