NBA free agency: Heat amnesty Mike Miller

USA TODAY Sports

The Miami Heat will save an estimated $40 million by waiving the veteran swingman.

The Miami Heat announced they have waived veteran swingman Mike Miller on Tuesday via the NBA's amnesty provision. The move drops Miller's $6.2 million owed this upcoming season from the team's salary cap. Miller also had a player option for $6.8 million in 2014-15 that he likely would have picked up.

The Heat in total save around $40 million in salary and estimated luxury tax figures, according to ESPN's Tom Haberstroh. Even though team president Pat Riley had publicly voiced his desire to keep the team together, owner Micky Arison was facing a steep luxury tax bill thanks to the new collective bargaining agreement that came after the 2011-12 lockout.

Miller averaged 4.8 points and 2.7 rebounds for the Heat last season and played a pivotal role in Miami's NBA Finals victory. He played at least 16 minutes per game in all seven games of the series against the San Antonio Spurs and hit a memorable, shoeless 3-pointer in Game 6's miraculous comeback.

Before the news of the Heat's amnesty was official, Miller's representatives were already reaching out to teams to gauge interest, according to Brian Windhorst of ESPN.

Miller has been injured often in his three seasons with the Heat and played in just 139 of 230 games during that span.

More from SB Nation:

Flannery: The Kings start over

Ziller: Fighting over Rockets fans’ money

Kent Bazemore, more than a hype man | Otto Porter still struggling

10 years of PGs in summer league | Complete NBA summer league coverage

Metta World Peace officially signs with the Knicks

X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Spinner

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.