MIAMI — A year ago, the run-up to the NBA trading deadline could not have felt any more real for the Miami Heat.

Jimmy Butler wanted out.

The Heat wanted him out.

Untenable eventually turned into inevitable.

Now, just days shy of the one-year anniversary of that unloading of Butler to the Golden State Warriors at the 2024 NBA trading deadline, the Heat’s front office of Pat Riley, Andy Elisburg and Adam Simon find themselves in a more speculative position ahead of this year’s Feb. 5 deadline.

This time, there is no sense of anyone wanting out, as cohesive a locker room as the Heat have had in years. But there also is a sense of the Heat wanting off this hamster wheel of mediocrity, positioned for what would be a fourth consecutive trip to the play-in round.

But this time there also are tangible targets for the Heat and the rest of the league, what with Ja Morant’s contretemps with the Memphis Grizzlies, Giannis Antetokounmpo’s flailing supporting cast with the Milwaukee Bucks and Anthony Davis’ likely parting from the Dallas Mavericks.

It is the rare trading deadline when something big practically feels inescapable, if not for the Heat, then somewhere, perhaps even to one of their prime Eastern Conference competitors.

So where do the Heat stand with only five games remaining before the deadline, as they return from their five-game western swing and prepare for Wednesday night’s game against the visiting Orlando Magic?

Draft capital

The Heat have just two tradable first-round picks to put into play at the moment, in 2030 and’32.

The Heat actually are positioned to make six selections over that seven-year period, but are limited by the first-round pick due the Charlotte Hornets to complete the 2024 trade for Terry Rozier.

Under NBA rules, teams cannot be without a first-round pick in consecutive future years. The pick due the Hornets either goes out lottery-protected (top-14 protection)  in 2027 or unprotected in 2028.

Because of that and the NBA rule prohibiting being without successive future first-round picks, it means the Heat’s first-round picks in 2026, ’27, ’28 and ’29 cannot be dealt at the moment.

NBA Commissioner Adam Silver has said he empathizes with the Heat situation, with Rozier being unavailable to the Heat since the season opener due to the ongoing FBI gambling investigation. However, there has been no indication of the Heat receiving league relief from the draft pick owed to the Hornets, certainly not by next week’s trading deadline.

Draft capital 2.0

Because of that situation with those locked first-round picks, it could have the Heat aggressive at the trading deadline seeking to add a first-round pick in one of the upcoming three years.

Such a move would unlock at least two of those currently locked first-round selections, making it easier to package picks in a major transaction.

Among current members of the roster who potentially could fetch a first-round pick at next week‘s deadline are Norman Powell, with his expiring contract at the end of the year, and Andrew Wiggins, who holds a player option for next season.

Strings attached

In a salary-cap, luxury-tax, tax-apron league, all is not as simple as addressing your own needs in a deal while meeting another team’s needs.

While the Heat are hard capped at the first tax apron ($196 million total payroll) because of a salary-cap exception utilized in the trade for Powell, the primary focus is remaining below the punitive luxury tax, currently $1.6 million below that $187.9 million threshold.

To stay under the tax, that would mean not taking back more than $1.6 million in salary in any trade.

Another cap element for the Heat is the four-year, $62.4 million extension signed by forward Nikola Jovic in October, one that does not kick in until next season.

Because of that, Jovic is considered a “poison-pill” player at the moment, with his salary-cap number going out in a trade greater than that Heat can take back into his current salary slot.

The Heat also have several trade exceptions available to put into play that are unlikely to be put into play because of the team’s position against the luxury tax: exceptions of $7.7 million and $3 million (Josh Richardson) from the Butler trade, with those expiring the day after this year’s trade deadline; $16.8 million from the Duncan Robinson trade, an exception that expires on July 7; and $5.6 million from the Haywood Highsmith trade, which expires on Aug. 15.

Trade exceptions cannot be aggregated.

Potential pieces

Terry Rozier: Rozier’s $26.6 million salary in the final year of his contract is being held in an interest-bearing escrow-type account as he faces charges in the FBI gambling probe. All indications are the Heat would be allowed to include his salary in a trade as a cap-balancing mechanism, with Rozier remaining on NBA leave.

Norman Powell, Andrew Wiggins: As mentioned above, each is a potential expiring contract, with Powell earning $20.5 million this season on the final year of his contract, and Wiggins $28.2 million, with a player option for next season. So trade now for draft capital or risk losing for nothing in return at season’s end? (Powell also is extension eligible.)

Simone Fontecchio: While Fontecchio has re-emerged as a rotation component of late, his $8.3 million expiring salary could fit into the sweet spot of balancing a trade.

Davion Mitchell: There is no issue with Mitchell’s play since signing his two-year, $24 million contract to return in free agency last summer, but, as with Fontecchio, his salary, at $11.6 million this season, could fit into the sweet spot of balancing a trade. Should Mitchell be dealt, the Heat have shown during Mitchell’s  absence with his shoulder contusion that they can get by with Kasparas Jakucionis and Dru Smith at point guard, need be.

Tyler Herro: Earning $31 million this season and $33 million next season on the final year of his deal, it becomes an issue of patience. The Heat bypassed Herro’s October extension window and face another in July. So move on before having to address that decision again?

Bam Adebayo: It still seems highly, highly unlikely that a team committed to living in the moment would move on from its foundational element. Adebayo is earning $37 million  this season, before he moves on next season to the start of his three-year, $165.3 million extension.