The Miami Heat is now officially free to go about spending all of its projected salary cap space after Chris Bosh cleared waivers shortly after 5 p.m. on Thursday.
The 11-time All-Star was released by the Heat Tuesday, a mere formality after independent league doctors concluded months ago he was medically unfit to play after a long bout with blood clots which began after the All-Star break in 2015.
Bosh, 33, hasn’t played since February 2016, but is now free to sign with another team and the Heat will not be on the hook salary-cap wise for any of the remaining $52.1 million owed to him over the next two seasons even if Bosh does end up playing for another team down the road.
Bosh will still receive his full salary he’s owed in bi-monthly installments of $434,393 through the Heat and insurance payments.
The Heat, though, was ultimately waiting for Bosh to clear waivers and have a full grasp of the $25.3 million he was owed for the upcoming season before beginning the process of making any of its free agent business official.
Thursday night, shortly after Bosh cleared waivers, the Heat reached an agreement to bring in former Celtics center Kelly Olynyk on a four-year, $50 million deal and reached an agreement on the perameters of a four-year deal for James Johnson according to ESPN.
A league source said part of the hold up in announcing the signing of Waiters, 25, is the fact he was not in South Florida to physically sign the contract. The league moratorium ended at 12:01 p.m. Thursday and teams are now allowed to announce signings and trades.