Let’s look at the Heat’s situation – they just failed in their attempt at signing Odom to the mid-level exception. It was a gamble, sure, but it didn’t work out. Heat fans might feel reminded of the Mo Williams sweepstakes just over a few seasons ago. The Heat also let Jamario Moon walk without getting any compensation. Perhaps it was overlooked by the Heat’s attempt to land Odom, but that would be too simplistic. If the Heat re-signed Moon they would be faced with paying double – since they are currently over the league’s $69.9 million dollar luxury tax line.

The Heat have several options on the table. They are reportedly looking at Jamaal Tinsley, who would be an affordable addition to the Heat’s roster as he would provide a veteran point guard at roughly $1 million – which raises the total cost to $2M when considering the luxury tax penalty. He would compete with Mario Chalmers for the starting spot and provide more depth. Milwaukee Bucks restricted free agent Ramon Sessions remains available, but reports are that the Knicks are leaning towards extending him an offer which means the Heat’s chances to nabbing Tinsley increase.

There are other free agents that could help as well. A major need for the Heat is rebounding and Memphis has let Hakim Warrick dangle out in the free agent jetstream. The Cavs have apparently extended an offer so it isn’t certain at this time that Miami is even in the conversation. A major hurdle for Miami is the luxury tax, so if Miami is to add another player it is most likely going to be a bargain basement deal so they take a minimal hit.

There is also the Carlos Boozer situation, which has cooled substantially. Don’t expect the Heat to make a deal but then again, this is precisely when Pat Riley usually shocks people with getting a deal. The Heat have tons of contracts that are expiring after this season – the Heat would just have to be willing to take back money in return. If the Heat want to sign a player, they have to free up money. If they want to trade for another player, they have these expiring contracts which would look good to teams like the Utah Jazz – who has the highest payroll in the NBA and paying a lot in luxury tax, around $20M. Who are the expiring contracts for the Heat?

• Jermaine O’neal $22.9M
• Mark Blount $7.9M
• Udonis Haslem $7.1M
• Dorell Wright $2.75M
• Jamaal Magliore $1.2M (re-signed for this upcoming season)
• Chris Quinn $1.05M (re-signed for this upcoming season)
• Yakhouba Diawara $945K
• Joel Anthony $825K (re-signed for this upcoming season)

In order for the Heat to deal these contracts, the situation would have to be deemed an improvement for Pat Riley. That means not taking on any salary that would limit the Heat’s financial flexibility for the upcoming offseason. The Heat’s goal is to re-sign Wade to a long term deal as well as add a potential marquee free agent like a Chris Bosh or, even dare, Lebron James.

Yet right now, the Heat has to shift its focus to this offseason and the upcoming season otherwise, they may have a hard time convincing anyone to come to South Beach to play basketball.

Tell us what you think – discuss the Heat’s next move on our forum.