Why? As a salary dump. Trade for him around the draft, waive him before July 1 and his $15.7 million non-guaranteed salary becomes $3.9 million against the cap.
Miami is looking to make some other moves to free up cap space this summer, trying to trade some of their bad contracts. From Barry Jackson of the Miami Herald:
NBA officials who spoke to the Heat say Miami remains intent on trying to trade one of a few contracts with multiple years remaining, with James Johnson and Dion Waiters considered available on the trade market.
There is a lot of buzz around the league that the Heat will be ultra aggressive this summer, but to do that they will need more financial flexibility. Even if the Heat buy out Ryan Anderson (as expected), they will be roughly $5 million into the luxury tax next season. Which is why these rumors make some sense.
The question becomes what sweeteners are the Heat going to throw in to get a team to take on Waiters $24.8 million over two seasons, or Johnson at $31.5 million over two seasons?
If you’re thinking about a Smith for Waiters or Johnson trade with the Cavaliers, that sweetener question is still the same. Cleveland isn’t giving up one year of Smith for two of Waiters or Johnson without getting something else of value back in the mix (and a second-round pick isn’t going to cut it).