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The Miami Heat lost out on free agent Kevin Durant and lost longtime standout Dwyane Wade to Chicago, but secured a two-year agreement with free-agent shooting guard Dion Waiters on Tuesday. The deal is worth about $6 million, according to The Vertical. The second year of the deal is a player option.
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The Orlando Sentinel reported that the Heat used their $2.9 million salary cap exception to sign Waiters.
The Heat officially announced Waiters' signing on Tuesday.
"Dion is not a room exception player," Heat president Pat Riley said in a statement. "He wanted to play for the Miami Heat and chose to forgo other more lucrative financial opportunities to be a part of our championship organization. We are very honored that he made the commitment to come to South Florida and sign with us.
"Dion is young, athletic and explosive, which fits in with our roster. He will add a great dimension for us at the off-guard spot. I really like the depth and versatility that we now have in our perimeter positions."
The Cleveland Cavaliers made Waiters the fourth overall pick in the 2012 draft out of Syracuse.
The Cavaliers traded Waiters to Oklahoma City in the middle of the 2014-15 season in the three-way deal that delivered guards Iman Shumpert and J.R. Smith from the New York Knicks to Cleveland.
Last season in 78 games, he averaged only 9.8 points per game -- a career low.
He has a 12.8 career average in 289 games (110 starts).
