Caleb Martin Appears to Have Made a Huge Mistake as a Free Agent

April 16, 2023; Milwaukee, Wisconsin, USA; Miami Heat forward Caleb Martin (16) dribbles the ball down the court during the first half of the Milwaukee Bucks’ Game 1 of the 2023 NBA Playoffs at Fiserv Forum. Mandatory Credit: Michael McLoone-USA TODAY Sports

Caleb Martin might just be the biggest loser of the 2024 NBA free agency period so far.

On Saturday, Martin reportedly agreed to sign a four-year contract with the Philadelphia 76ers worth $32 million guaranteed.

The $32 million deal is Martin’s most lucrative NBA contract to date. However, he reportedly could have gotten a much larger guaranteed sum of money had he stayed with the Miami Heat.

The Heat offered Martin $65 million guaranteed over five seasons before free agency, according to Heat reporter Ira Winderman.

The deal reportedly came in the form of an extension, which would have required Martin to opt into the final year of his current contract. The deadline for Martin to opt out of his deal passed last Saturday, meaning the Heat’s offer was no longer an option.

According to multiple NBA sources, Caleb Martin had turned down a five-year, $65 million extension before becoming a free agent, an extension that would have required him to opt out of the final year of his contract with the Heat before last Saturday’s deadline. That offer was no longer an option once he opted out.

— Ira Winderman (@IraHeatBeat) July 6, 2024

Martin’s potential mistake wasn’t as bad as Dennis Schroder’s a few years ago. But losing over $30 million in guaranteed money has to hurt. There’s also the fact that a deal in Miami would have been worth even more given Florida’s lack of an income tax.

The positive for Martin is that his current contract with the 76ers expires a year earlier than the Heat’s reported offer. The former Nevada player will once again enter free agency a year younger than he would have under the Heat contract, which could help him seek his next big payday.

However, Martin would still have to significantly outperform his current contract to make up for the money he left on the table.