After the Jones buyout came their renouncements. With the team option on Mario Chalmers exercised, the team promptly renounced everyone other than Dwyane Wade [sic] and Joel Anthony. This meant that 10 free agents from the previous season were renounced; Jermaine O'Neal, Quentin Richardson, Udonis Haslem, Dorell Wright, Yakhouba Diawara, Rafer Alston, Carlos Arroyo, Jamaal Magloire, Shavlik Randolph and Kenny Hasbrouck. Some free agents from previous seasons were also still clogging up cap space; namely, Alonzo Mourning, Steve Smith, John Wallace, Wang Zhi Zhi, Gary Payton, Bimbo Coles, Christian Laettner, and Shandon Anderson. In total, before these renouncements took place, Miami's free agent cap holds amounted to a total of $88,184,132, $24,166,800 alone was for Jermaine O'Neal.
[...] Even though Pat Riley said it wouldn't happen, Miami pawned off Beasley to Minnesota in exchange for the Timberwolves's 2011 and 2014 second round draft picks. [David Kahn might not have a plan, but he's made two unbelievable steals in the last two years that are in danger of going overlooked. This was one of them. More of the other in another post.] Subtracting Beasley's salary and adding one more cap hold put the Heat's total salary number at $24,259,284, cap room of $33,784,716. Wade then re-signed to a less-than-maximum contract, which started at $14,200,000 and paying $107,565,000 over the full six seasons; for reference's sake, this is over $16 million less than Joe Johnson got from Atlanta. (This is also the only time Joe Johnson will ever get mentioned in a "creative" financing post. Nothing creative about that contract.) Sign and trades for Bosh and James were then completed, both players signing identical $109,837,500 contracts starting at $14,500,000.