UPDATE: Dwyane Wade’s has signed two-year contract with Heat

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UPDATE 4:43 pm: The Miami Heat have made it official, Wade has re-signed in Miami.

“Dwyane has been the franchise cornerstone for this team since the day he arrived 11 years ago,” said Heat President Pat Riley in a released statement. “He has shown his commitment to the Heat many times over the course of his career and has always been willing to sacrifice in order to help build this team into a champion. This time is no different. I am ecstatic to have him back in the fold and I am confident that Dwyane, as always, will be leading this team as we look to contend for NBA Championships.”

“I am proud to have spent every single day of my career as a member of the Miami Heat and to have brought three championship titles to this great city,” Wade said in his statement. “I’ve been here through the good times and the hard times. I have confidence in the Miami Heat organization and the team they are building. To all the Heat fans, in Miami and around the world, I know you will continue to show support for our team.”

Wade’s deal is two seasons starting at more than $16 million per year, with a player option on the second year.

2:23 pm: Dwyane Wade made the announcement himself on Instagram, in a way to contrast it from the guy who bolted town.

Home Is Where The Heart Is… My Home,My City,My House..#HeatLifer

We told you Wade was close to a deal with the Heat. Multiple reports confirm the deal is now done.

The deal appears to be for two years at $15 million a year, with a player player option after the first year.

Is Dwyane Wade and his knees worth that kind of money now? In the strict “would I pay a free agent from another team that?” sense no. Wade still produces when on the court, scoring 19 points a game with a very good .588 true shooting percentage and a PER of 22. But he only played in 54 games last season as part of a “knee maintenance program” and he still was slowed by the Finals, his explosiveness gone.

But it’s not about on the court, it’s about him being the face of Heat basketball for more than a decade. It’s about loyalty. It’s about rewarding/thanking him for that service. It’s about taking care of family. For the Heat and Pat Riley, they believe that if you take care of players like this other players (and their agents) see that and want to be part of that kind of organization. It’s part of what is behind Kobe Bryant’s contract with the Lakers (although the money he still draws in there impacts that decision as well).

Raptors promote Bobby Webster to general manager

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TORONTO (AP) — With rumors swirling about the Knicks chasing Raptors president Masai Ujiri, the Raptors have promoted Bobby Webster to general manager.

Webster, 32 years old assistant the youngest GM in the NBA, replaces Jeff Weltman, who left Toronto in May to become president of the Orlando Magic.

A former staffer at the NBA league office in New York, Webster joined the Raptors in 2013 and was named assistant GM in 2016.

He’ll help decide what to offer All-Star point guard Kyle Lowry, who opted out of the final year of his contract last month after Cleveland swept Toronto in the second round of the playoffs.

Forwards Serge Ibaka, P.J. Tucker and Patrick Patterson are all unrestricted free agents.

Also Wednesday, Toronto promoted Dan Tolzman to assistant general manager.

The Raptors have posted consecutive 50-win seasons and made four straight playoff appearances.

Jason Williams out 6-8 months after injury in Big3 debut

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NEW YORK (AP) — Former NBA point guard Jason Williams will miss six to eight months after suffering a knee injury in the opening game of the Big3.

Corey Maggette, also injured in the opening week of Ice Cube’s 3-on-3 league of former NBA players, had surgery for a leg injury. There is no timetable for his return.

The injuries were announced Wednesday during a conference call with Cube and Big3 co-founder Jeff Kwatinetz, who also detailed a couple rules changes starting with this weekend’s game in Charlotte, North Carolina.

Games will be played to 50 points, instead of 60, with halftime coming when the first team reaches 25 points. Cube said that would help the four games per day move more quickly.

Report: Mutual interest between Knicks, Jeff Teague with Phil Jackson gone

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Phil Jackson’s exit is already opening doors for the Knicks.

No position differs more in the triangle from modern spread NBA offenses than point guard. But without Jackson demanding his point guard fit such a narrow profile, New York can pursue greater talents – like Jeff Teague.

Ian Begley of ESPN:

With Phil Jackson out and the triangle de-emphasized, the Knicks, under general manager Steve Mills, have interest in free agent point guard Jeff Teague, league sources told ESPN. League sources say the interest in Teague is mutual.

The Knicks aren’t as desperate at point guard after drafting Frank Ntilikina, but Ntilikina probably isn’t ready to run an offense full-time yet. Teague could be a stopgap – which might be necessary considering New York can’t easily pivot into rebuilding with Carmelo Anthony, Joakim Noah and Courtney Lee locked up.

Teague’s future with the Pacers appears uncertain with Paul George on the trade block. A key part of Larry Bird’s retooling last summer, Teague and Indiana might be headed in different directions now.

The Knicks make as much sense as anywhere for Teague – now that Jackson is gone.

PBT Extra: Rockets, with Chris Paul trade, show fearlessness in face of Warriors’ dominance

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The Rockets and Clippers both turned aggressive with today’s Chris Paul trade.

Houston is making a bold attempt to overtake the Warriors (a plan that could include other big moves). The Clippers are launching into rebuilding.

Kurt Helin breaks down what it means for both teams.