The Heat have officially issued a qualifying offer to forward Caleb Martin, making him a restricted free agent, tweets Ira Winderman of The South Florida Sun Sentinel.
A qualifying offer is essentially a one-year contract offer that a team must make to a player eligible for restricted free agency if it wants to avoid him becoming unrestricted. The QO can be accepted by the player, but it’s often just a placeholder, giving his current team the right of first refusal in the event that he signs an offer sheet with a new team.
After spending his first two NBA seasons in Charlotte, Martin was waived by the Hornets last August, then signed a two-way contract with Miami, where he outperformed that two-way deal and was converted to a standard contract. In 60 games (22.9 MPG) for the Heat, the 26-year-old averaged 9.2 points, 3.8 rebounds, and 1.0 steal on .507/.413/.763 shooting.
Martin’s qualifying offer will be worth his minimum salary plus $200K. Based on a $122MM salary cap, a player with three years of NBA experience projects to have a minimum salary of $1,876,674 in 2022/23, so his QO would be worth $2,076,674. That number will be adjusted slightly upward or downward if the cap doesn’t come in at exactly $122MM.
Because the Heat only hold Martin’s Non-Bird rights, it may be a challenge for them to make him a competitive offer if he draws serious interest on the open market. If they want to give Martin a starting salary higher than about $2.25MM, the Heat will have to dip into their mid-level exception to do so.
Martin is the No. 31 player on our list of 2022’s top 50 free agents.