Since Butler and the Heat first joined forces in 2019, they’ve felt connected at the hip. He isn’t always available in the regular season, and they aren’t always very good in the regular season, but come playoff time, both are forces to be reckoned with.

Despite the fruits of this partnership—three conference finals runs and two NBA Finals trips—it might be on its last legs. This is the last guaranteed season on his contract ($52.4 million player option for 2025-26). While he could extend his stay with a contract extension, there’s an expectation he wouldn’t sign it even if it were offered, per Anthony Chiang of the Miami Herald. It sounds like that offer may not be coming, anyway.

Things can change in a hurry, of course, and if Miami establishes itself among the East’s elite early on, then Butler trade talks may never get going. But if the Heat, a play-in participant each of the last two seasons, can’t separate from the conference’s midsection, then Butler’s future might be the talk of the hoops world. His injury history and future uncertainty ding his value a bit, but at his best, he’s in the conversation for the league’s top two-way talent.