The dismissal will allow Miami to keep almost $17 million in luxury taxes this upcoming season and cut their tax bill by half, which is projected to be $33 million. Under the terms of a contract signed in 2010, the team will still have to pay Miller $12.8 million for the next two seasons.
“I understand the business side of basketball,” Miller told The Associated Press. “It’s a combination of being very, very thankful for the opportunity that I’ve had, but it hurts that we had a chance to do something very, very special and I’d love to have been a part of it.”
Miami Heat’s Pat Riley previously said there is no need to amnesty Miller, but the team’s president obviously had a change of heart.
“After many discussions internally and a sincere effort to explore the trade market, we made a very difficult decision to use our amnesty provision on Mike Miller,” Riley said in a statement. “Mike had an incredible impact on the Miami Heat; helping us to three Finals appearances and winning back-to-back world championships. This was a very difficult decision for me personally, the Arison family, Erik (Spoelstra) and the entire Miami Heat organization. Mike was one of the best we have ever had here, and will be sorely missed. We wish Mike, his wife Jennifer and their family nothing but the best.”
According to sources, Miller’s agent has already begun shopping his client around, and many teams have expressed interest in the guard.