Updated: 11:27 p.m.: The sign-and-trade may have hit a snag, according to a report. The Mavericks were under the impression they were receiving Derrick Jones Jr. and Kelly Olynyk. The Heat are reportedly unwilling to give up Jones and have said they need to include point guard Goran Dragic in the deal to make the money work, per the New York Times' Marc Stein.
Updated: 1:32 a.m.: Talks with the Mavericks have broken down, according to Stein. Stein reports the Sixers and Heat are "determined to find a third team to facilitate" the deal.
Complete coverage of the Philadelphia 76ers and their rivals in the NBA from NBC Sports Philadelphia.
After days of speculation and rumors, Jimmy Butler is on his way to South Beach.
The Sixers and Heat have agreed to a sign-and-trade that will send Jimmy Butler to Miami and Josh Richardson to Philly, a team source confirmed to NBC Sports Philadelphia. The news was first reported by ESPN's Adrian Wojnarowski.
Butler will sign the four-year, $142 million max with the Heat. The Sixers receive a young, emerging wing in Josh Richardson, who will turn 26 in September.
Since the Sixers lost JJ Redick to New Orleans at the start of free agency, they make this move as a below-the-cap team by no longer having his cap hold on the books. The Heat will send Goran Dragic to the Mavericks to make the money work.
Richardson's deal is extremely reasonable. He'll make $10,116,576 in 2019-20 and $10,865,952 in 2020-21 with a player option at $11,615,328 for 2022.
The Sixers will also have some money left to spend to fill out their roster, though a nice chunk of it will now go to Al Horford (see story).
Click here to download the MyTeams App by NBC Sports! Receive comprehensive coverage of your teams and stream the Flyers, Sixers and Phillies games easily on your device.