Jimmy Butler Could Ask $181M Extension From The Heat: 'The Final Year Of The Contract Will Have Him Making $50.6M At Age 36'

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Credit: Kevin C. Cox/Getty Images

Credit: Kevin C. Cox/Getty Images

Miami Heat's Jimmy Butler still has two years left on his current contract. Yet, reports have surfaced suggesting he's already looking to sign an extension to remain in South Beach as long as possible. 

After a magical 2019/20 season for the Heat, the team struggled to find their touch this campaign, ultimately getting swept in the first round of the postseason against the Milwaukee Bucks. 

Although the season didn't play out as they wanted, the Heat expect to compete for several years. Jimmy will be essential for that, which is why he's trying to get an extension that will pay him a lot of money. 

According to Anthony Chiang of the Miami Herald, Jimmy Buckets will try to strike a 4-year, $181 million deal with the Floridians. 

Jimmy Butler is one of just five players on the Miami Heat’s season-ending roster who have guaranteed contracts for 2021-22, but there’s an important discussion for Butler and the Heat to have this offseason regarding their future together.

That’s because although Butler is under contract through 2022-23, he’s eligible for an extension from the Heat this offseason. The expectation is that Butler, who turns 32 in September, will likely seek a maximum four-year extension worth $181 million.

The four-year, $141 million contract that Butler signed to join the Heat during free agency in 2019 includes a guaranteed $36 million salary for next season and a $37.7 million player option in 2022-23. An extension would replace his 2022-23 option and begin that season.

A four-year max extension would include salaries of $40.5 million for 2022-23 (nearly a $3 million increase from the player option in Butler’s current contract for 2022-23), $43.8 million for 2023-24, $47 million for 2024-25 and $50.3 million for 2025-26 when he’ll be 36 years old, according to a breakdown from ESPN analyst and former Nets executive Bobby Marks.

This is a big decision for the Heat. Jimmy will turn 32 before the start of the 2021/22 season. He's not getting any younger, and father time will eventually catch him. Not even LeBron, at 36, is making $50 million with the Los Angeles Lakers. 

Still, the Heat faced this situation in the past, and Pat Riley admitted he would've liked to handled things differently with Dwayne Wade. Perhaps this is the second chance they need to remain competitive. Butler took them to the Finals last year, and if they want to keep competing, retaining the swingman is mandatory. 

Some believe the Heat could trade Butler if they disagree on an extension, with the Los Angeles Lakers looking like a good landing spot for the former Chicago Bulls star