The deal will pay Martin about $20.5 million, Chiang reported, noting that Miami is using its full taxpayer mid-level exception of $6.5 million.
The Heat issued a qualifying offer to Martin late last month, making him a restricted free agent.
“The Heat only held Martin’s Non-Bird rights entering this offseason, limiting their ability to offer him much of a raise after he finished the 2021/22 season on a minimum-salary contract,” wrote Rory Maher of Hoops Rumors.
Martin, 26, proved to be a pleasant surprise with the Heat after signing a two-way deal before the season. That contract was later converted to a standard contract.
In 60 games with the Heat, Martin averaged 9.2 points and 3.88 rebounds, offering plenty of energy in reserve.
He spent the first two years of his career with the Hornets, but was waived at the end of the 2020-21 season. The qualifying offer from the Heat was worth his salary of the veteran’s minimum, plus an additional $200,000.
So clearly, by Miami utilizing the mid-level exception, Martin was able to get a substantial bump in pay.