Waiters signs 2-year, $5.9 million contract with Heat

MIAMI - Shooting guard Dion Waiters has signed a $5.93 million, two-year contract with the Miami Heat, and he'll compete for a starting job as Dwyane Wade's replacement.

Waiters was one of the top free agents left on the market. He became an unrestricted free agent when Oklahoma City rescinded a $6.8 million qualifying offer. The second year of his Miami deal announced Tuesday includes a player option.

Related: Waiters says he signed with Heat to have fun, not for the money

Heat President Pat Riley said in a statement that Waiters passed on ''more lucrative financial opportunities to be a part of our championship organization.''

He will compete for playing time with Tyler Johnson, Josh Richardson and Wayne Ellington. Wade, a 12-time All-Star, signed a $47 million, two-year deal with the Chicago Bulls.