Mike Bibby

Mike Bibby Reaches Buyout With Wizards, Reportedly Headed To Heat

Mike Bibby will sign with the Miami Heat, according to a report by ESPN's Chris Broussard. Bibby reached a surprising buyout with the Washington Wizards Monday in which the veteran point guard gave up all salary due to him -- more than $6 million in all -- to be released to find a new squad. Bibby had been traded to the Wizards in a deal that sent Kirk Hinrich to the Atlanta Hawks last week. Bibby appeared in two games (briefly) for the Wizards before his agent David Falk -- a powerful rep who once called Michael Jordan and Patrick Ewing clients -- worked out the buyout.

Given that Bibby is unlikely to earn $5 million as a free agent on the open market at season's end, cynics could fairly assume that the Heat suggested plans to sign Bibby to an above-market deal this offseason in order to help the point guard recoup lost wages given up in the buyout. That said, Antonio McDyess gave up substantial guaranteed salary in a buyout after a trade to the Denver Nuggets several years ago; McDyess then re-signed with the Detroit Pistons for the remainder of the season, and signed for the mid-level exception with the San Antonio Spurs that offseason.

But given the potential for an NBA lockout at season's end, Bibby's buyout remains curious.