MIAMI — In the end, Norman Powell proved to be only a short-term rental for the Miami Heat, with the guard Wednesday reaching a free-agency agreement to move on to the Chicago Bulls.
Despite a breakout season with the Heat that led to his first career All-Star appearance, Powell wound up being squeezed by the hard cap created by the trade acquisition of Giannis Antetokounmpo.
Powell appeared poised to cash in with the Heat after a breakthrough first half of last season, thriving in the injury absence of Tyler Herro. But once Herro returned, and once opponents made Powell more of a defensive focus, productivity cratered over the second half of the season.
With the Heat moving into a hard cap at the first luxury-tax apron because of the mechanisms utilized to acquire Antetokounmpo, the Heat wound up positioned with no more than mid-level money to offer Powell.
Instead, Powell, 33, took a reported two-year, $45 million deal with the Bulls, a package that is somewhat illusory, with only the first season guaranteed, the second as a team option.
Powell’s 2026-27 salary with the Bulls is similar to the $20.5 million he earned this past season with the Heat, which was the final year on a five-year, $90 million contract he signed with the Portland Trail Blazers in 2021.
The Heat acquired Powell last summer in a trade that sent out Kevin Love and Kyle Anderson, with those two going to the Utah Jazz in what turned into a multi-team deal.
Powell’s fate was further sealed at Tuesday’s start of NBA free agency when the Heat agreed to terms with Denver Nuggets free-agent guard Tim Hardaway to a one-year, $6.5 million contract with a portion of their mid-level exception.
Powell’s departure continues an ongoing reshuffling of the Heat roster that ended last season with an overtime loss to the Charlotte Hornets in the play-in round, with the Heat missing the playoffs for the first time in seven seasons.
Previously sent out were Herro, Kel’el Ware, Jaime Jaquez Jr. and Kasparas Jakucionis in the trade with the Bucks that landed Antetokounmpo and Bobby Portis from Milwaukee.
The Heat ahead of the start of free agency also cut contract ties with Keshad Johnson and Jahmir Young, although the two remain eligible to return.
Powell, at season’s end, accepted the reality of a Heat tour possibly being one-and-done.
“I’ve enjoyed my time here, my family’s enjoyed the time here. I’ve had great relationships with the staff and people in the organization,” he said in April. “So if it makes sense and if everything’s right, and they’re able to have a mutual interest, I think it’ll be good.
“But as a free agent, I’ve been here before, so you just have to look at what the best option is for you and your family and make a decision off that.”
Now that decision has been made, with Powell’s agreement to become official at Monday’s start of the NBA’s 2026-27 cap calendar.
For Powell, the economic squeeze proved tangible. He had been eligible for a four-year, $128.5 million extension throughout this past season, one starting at $28.7 million for next season.
In the end, injuries and absences changed the calculus, with Powell missing 24 games, for the second consecutive year missing extended time following the All-Star break, which also was the case a year ago amid a closing fizzle with the Clippers.
The irony in the ultimate turn of events was that Powell was among the players in play for Antetokounmpo at February’s NBA trade deadline.
“We know what they tried to do at the deadline, we know the rumors and things like that,” Powell said of Heat management. “So I think as somebody that’s been around the league, a veteran and been in a lot of different stuff and very smart business-wise and understanding how teams operate and move and think in the future and not just in the moment, I wasn’t really worried about getting an extension or not. I was just worried about playing.”
