According to ESPN’s Chris Sherdian, the Miami Heat are currently attempting to reach a buyout agreement with forward James Jones in order to free up more cap space. After unceremoniously dumping Daequan Cook for cap space recently, buying out Jones would mean that Michael Beasley and Mario Chalmers will be the only Heat players technically under contract for the 2010-11 season. (The Heat are reportedly looking to move Beasley as well.)
Of course, what this now means is that the Heat have an absurd amount of cap space. Theoretically, the Jones buyout would give the Heat enough money to re-sign Wade, sign LeBron James, and have another $10-11 million left to spend on other free agents.
As Sheridan noted, a cap-saving Beasley trade could give the Heat as much as $47 million to spend in free agency. If that happened, Wade, James, and Bosh would all only need to take slight pay cuts in order to combine like Voltron and become an ubersuperteam. (I’m not sure who would fill the rotation out on that team, but I’m also not sure it would matter.) Whatever you think of the Heat’s moves this off-season, you can’t fault Pat Riley for a lack of ambition.