The Miami Heat reportedly used its amnesty provision on Tuesday to waive veteran guard Mike Miller. As Miami tries to create salary cap space, the team remains a frontrunner for free agent center Greg Oden.
Miami waived Miller before Tuesday's amnesty deadline, Brian Windhorst of ESPN reported. The move cut the Heat's expected luxury tax bill for this season in half by saving nearly $17 million in taxes, according to ESPN's calculations*. Miami will still owe Miller $12.8 million for the next two seasons, but his contract is now off the books.
"I understand the business side of basketball," Miller told the Associated Press. "It's a combination of being very, very thankful for the opportunity that I've had, but it hurts that we had a chance to do something very, very special and I'd love to have been a part of it."
Heat president Pat Riley previously insisted he didn't want to use the amnesty provision this season in an effort to keep the championship-winning team intact. Despite his wish, the financials of keeping Miller proved to be too cumbersome.
"After many discussions internally and a sincere effort to explore the trade market, we made a very difficult decision to use our Amnesty [sic] provision on Mike Miller," Riley said, according to ESPN. "Mike had an incredible impact on the Miami Heat; helping us to three finals appearances and winning back-to-back World Championships. This was a very difficult decision for me personally, the Arison family, Erik and the entire Miami Heat organization."
Although the Heat remain over the salary cap, the team is expected to continue its pursuit of Oden. A report from Monday indicated that Miami and the San Antonio Spurs are the frontrunners for Oden, according to a source close to the 7-footer.
Oden, the first-overall pick of the 2007 NBA draft, has a history of injuries, but could be a huge boon for any team if he stays healthy. After coming off his third microfracture knee surgery in February 2012, Oden sat out the 2012-13 season to focus on rehab.
He believes he'll be ready to play this season.
*My calculations, based on the NBA CBA: With Miller, the Heat would owe $28.28 million at the end of the season. Without Miller, the Heat save $14.46 million and owe $13.82 million at the end of the season.
