Caleb Martin Fumbles Away Millions In Signing With Miami Heat Rival

According to a Miami Heat insider, the team offered valued free agent forward Caleb Martin a five-year, $65 million extension a week ago. He (his agent) declined, and Martin has now signed with the Philadelphia 76ers for four years and $32 million.

Free agent F Caleb Martin is finalizing a deal with the Philadelphia 76ers, sources tell ESPN. Impactful pickup for the Sixers, who bring on the playoff-tested veteran from Miami. pic.twitter.com/wc4hC6qJbm
— Adrian Wojnarowski (@wojespn) July 6, 2024

It's a $33 million haircut that Martin takes as a result of his agent's decision that the Heat offer wasn't enough, according to Miami insider Barry Jackson.

So Martin turned down 5 years 65 M from Heat, and then a week later settled for what ESPN said is 4 years topping 32 M from 76ers. Martin rep thought Heat offer wasn't good enough, which dumbfounded Heat.
— Barry Jackson (@flasportsbuzz) July 6, 2024

Jackson reports that the Heat were "dumbfounded" by the Martin camp turning down their offer.

The 6'5" forward is a fierce competitor on defense, often defending bigger players. He's expected to be used as a power forward with the Sixers.

Last season, Martin averaged 10 points, 4.4 rebounds and 2.2 assists in 27.4 minutes for the Heat. His 3-point percentage was down a bit at 34.9%, but he's shown the ability to live up to the "3-and-D" label when needed.