Imagining a 4-Team Trade to Land Jimmy Butler with the Warriors

Just when the NBA seems "done" for the offseason, another trade seems to pop up. Like the New York Knicks breaking up (some) of its Villanova backcourt, could the Miami Heat and Golden State Warriors get something cooking before the 2024-25 regular season tips off on October 22?

The Heat have yet to show a willingness to extend Jimmy Butler (who can opt out of his contract after this season to explore free agency). Following the logic of B/R's Grant Hughes that Butler would be a dream target of the Warriors, is Butler to Golden State even doable with the complex rules of the NBA's new collective bargaining agreement?

It is, but such a deal would need to grow into a three-, four- or even five-team swap. The following is a four-team version with a bit of help from the Detroit Pistons and Boston Celtics.

Warriors get:

• Jimmy Butler (from Heat)
• Anton Watson (from Celtics)

Heat get:

• Andrew Wiggins (from Warriors)
• Jonathan Kuminga (from Warriors)
• $14.9M trade exception (Butler)

Pistons get:

• Kevon Looney (from Warriors)
• Gary Payton II (from Warriors)
• Atlanta Hawks 2026 second-rounder (from Warriors)
• Los Angeles Lakers 2026 second-rounder (from Heat)
• Atlanta Hawks 2028 second-rounder (from Warriors)
• $2.5 million (from Warriors)
• $1.5 million (from Heat)

Celtics get:

• $1.1 million (from the Heat)

Note: Butler is eligible for a trade bonus worth slightly over $400,000, but that should be waived to make the numbers work properly for the Warriors, who end up just barely under the first-apron hard cap ($178.1 million).

The Warriors have until the start of the season to extend Kuminga, and the most recent intel suggests the sides are still far apart. If the goal is to "win now," Butler has been to two NBA Finals since 2020.

While Wiggins, Looney and Payton were critical to Golden State's 2022 championship (Looney for more than one ring), they would need to go to make a Butler deal viable. The Warriors retain the depth added this offseason (Kyle Anderson, Buddy Hield, De'Anthony Melton and Lindy Waters III), arguably upgrading Kuminga to Butler without giving up any first-round compensation.

The team would send out $51 million in salaries while returning $48.8 million (assuming Butler waives his small trade bonus). Before the deal, the Warriors would convert Quinten Post (No. 54) from a two-way to a standard contract.

Watson gets the team to 13 players. Golden State would still have work to do to get to 14 by trading for another team's recently drafted rookie to stay under the first apron ($178.1 million). That could involve adding a fifth team or a side deal.

Butler can opt out of his final year to extend with the Warriors at the max for two additional seasons, timing his contract to end simultaneously with those of Stephen Curry and Draymond Green.

The Heat are gradually getting younger, but the team's payroll has become increasingly expensive recently. Butler, 35, has the $52.4 million option that Miami may not want to pay after this season.

If a deal can be done before the regular season, Miami can lock in Kuminga to a long-term extension or wait until he's a restricted free agent in July. Either way, the Heat would have the means to retain Kuminga long-term while adding a solid veteran in Wiggins for three total years (he can opt out of $30.2 million before the 2026-27 season).

While the Heat would also gain a large trade exception (almost $15 million), the more significant benefit of the deal for Miami is getting under the luxury tax threshold ($170.8 million). The team projects to pay $25.9 million in taxes if it goes into the season with the 14 players it currently has under guaranteed standard contracts.

Additionally, teams that pay the tax don't receive the kickback share, projected to range from $15-$19 million this season. That's why sending $1.1 million to Boston makes sense for the Heat, as they'd have a net saving in the $55 million range by ducking the tax entirely.

Not that Miami would be entirely motivated by finances, as Kuminga (22) serves as a better long-term fit with the Heat's younger roster that features Bam Adebayo (27), Tyler Herro (24), Jaime Jaquez Jr. (23) and Nikola Jović (21).

The Pistons were compensated to take on the contracts of Tim Hardaway Jr. and Wendell Moore Jr. in trades earlier in the summer. In this case, the team adds two defensive-minded veterans to help around its developing roster.

Looney would provide the team with an experienced locker room presence to help back up Jalen Duren and Isaiah Stewart II. Payton would help upgrade the team's perimeter defense.

Of the $17.1 million of incoming salary, $4 million is paid for by the Warriors and Heat. The Pistons need to cut Paul Reed Jr. to open the necessary cap room to make the deal work. Reed ($7.7 million non-guaranteed salary) has struggled through four preseason games, shooting just 21.4 percent from the field.

Even if Detroit doesn't prioritize Looney and Payton as players, the team gets additional expiring contracts to flip before the February 6 trade deadline. The Pistons go from zero second-round picks in 2026 to two while adding a third in 2028.

This leg of the trade is flexible. The Warriors need to get back to 14 regular contracts, requiring the addition of two recently drafted rookies (on contracts at or slightly above the minimum or two-way contracts that can be converted to the minimum).

Watson was the 54th overall pick in June. If he makes it to the regular season, his two-way salary will be guaranteed at almost $290,000. Getting $1.1 million from the Heat may make that decision easy for the Celtics, who might consider converting Jayden Scrubb to a two-way (currently on an Exhibit 10).

The Celtics can opt out of the multi-team deal, but the Warriors will need to find two similar players through trade—though they can be smaller, direct swaps if a larger deal becomes too cumbersome.

The Warriors could try to induce the Pistons to include Bobi Klintman. Other potential targets include Tristen Newton (Indiana Pacers), Cam Spencer (Memphis Grizzlies), Adem Bona (Philadelphia 76ers), Ariel Hukporti (New York Knicks) and Ulrich Chomche (Toronto Raptors), to name a few—with cash and/or second-round compensation to offer.

The goal was to exclude Moses Moody from any deal, but the Warriors would gain flexibility if they included him in a deal for Butler.

Email Eric Pincus at eric.pincus@gmail.com and follow him on X/Twitter @EricPincus.