Report: Heat, Wade agree to 1-year, $20-million deal

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It may not be the multi-year deal they were reportedly working towards, but the Miami Heat and Dwyane Wade agreed on a contract to keep the 11-time All-Star in Miami for at least one more season.

Wade will sign a one-year deal with the Heat worth $20 million, according to Tim Reynolds of the Associated Press.

After a seemingly chilly stand-off between the player and team - with Wade declining his $16.1-million player option and reportedly seeking a lavish long-term deal the Heat were reluctant to give him - this looks like a solid compromise for both sides.

Wade added:

Money-wise, I thought I did the best I could for myself and my family, and I also had the Heat in mind. Obviously it's all about putting yourself in position to be able to compete. I love this organization. It crossed my mind to say, "If I'm going to handicap this organization by this contract, maybe the best situation is not to be there."

A one-year deal for $20 million, I could never look at that and roll my eyes," I am from Robbins, Illinois. Look at what I've been through in my life.

You go through so many emotions. It's no secret that my goal was to sign a longer-term deal this summer. That's what I was focused on. Once I realized that probably wasn't the best thing for me right now, where everything is financially with the NBA and a lot of things coming up that we don't even know about yet, a one-year deal isn't a bad thing.

He also posted a video to his YouTube account entitled "My City, My Home, My House: Till the End.... Est 2003"

Wade gets a $4 million bump from what his option year would've paid him, and will get to enter unrestricted free agency again next summer, just in time for the league's new TV rights deal and concurrent salary cap spike to kick in. Meanwhile, the Heat can enter next offseason will plenty of flexibility, and the requisite cap space to fulfill their fantasy of luring free-agent-to-be Kevin Durant.

At that point, all bets are off as far as Wade goes. The Heat are the only employer he's known in his 12-year NBA career, and he's the most accomplished player in franchise history - three NBA championships, a Finals MVP, and franchise records for career points, assists, and steals - but Pat Riley and company demonstrated they're not entirely willing to dish out a legacy contract like the one the Los Angeles Lakers gave Kobe Bryant two summers ago.

Wade can still play, and when healthy he's one of the league's four or five best shooting guards. But at 33, the "when" in that equation is becoming less frequent all the time. He's missed 48 games the past two seasons due to a litany of ailments (mostly knee-related) and hasn't topped the 70-game mark since 2010-11.

In any event, bringing Wade back undoubtedly makes the team stronger in the now, even if it renders Riley's reported dalliance with free-agent power forward LaMarcus Aldridge all but obsolete.

If Wade and Chris Bosh can stay on the floor, they - along with young center Hassan Whiteside, recently re-signed point guard Goran Dragic, returning swingman Luol Deng, and rookie wing Justise Winslow - should help the Heat contend for a top-four seed in the Eastern Conference.