Caleb Martin appeared to make a huge mistake in free agency

Apr 16, 2023; Milwaukee, Wisconsin, USA; Miami Heat forward Caleb Martin (16) dribbles the ball up the court during the Milwaukee Bucks in the first half during game one of the 2023 NBA Playoffs at Fiserv Forum. Mandatory Credit: Michael McLoone-USA TODAY Sports

Caleb Martin may very well be the biggest loser of the 2024 NBA free agency period so far.

On Saturday, Martin reportedly agreed to sign a 4-year deal with the Philadelphia 76ers worth $32 million guaranteed.

The $32 million pact is Martin’s most lucrative NBA contract to date. However, he apparently could have had significantly more guaranteed money had he just stayed with the Miami Heat.

The Heat had offered Martin $65 million guaranteed over five seasons before the free agency period, according to Heat reporter Ira Winderman.

The deal reportedly would have been in the form of an extension, which would have required Martin to opt into the final year of his existing contract. The deadline for Martin to opt into his deal passed last Saturday, meaning the Heat offer was no longer possible.

Per multiple NBA sources: Caleb Martin had turned down a five-year, $65 million extension ahead of free agency, one that would have required him to opt into the final year on his Heat contract by last Saturday’s deadline. That offer no longer was possible once he opted out.

— Ira Winderman (@IraHeatBeat) July 6, 2024

Martin’s potential mistake wasn’t as bad as Dennis Schroder’s fumble from a few years ago. But losing out on over 30 million in guaranteed money has to hurt. There’s also the fact that a deal in Miami would have been worth even more given the lack of state income tax in Florida.

However, the silver lining for Martin is that his current deal with the 76ers expires in 2027. The Nevada alum would have a chance to enter free agency again in his age-31 season for another chance at a hefty payday.

Signing the Heat deal would have locked in more guaranteed money for Martin, but the deal would have also expired two years later. Martin still has a chance to salvage the situation by proving his worth over the next three seasons.