4:02pm: The Wizards have officially waived Wright, the team confirmed today in a press release.

2:08pm: Veteran guard Delon Wright has reached an agreement on a contract buyout with the Wizards, agent Greg Lawrence tells ESPN’s Adrian Wojnarowski (Twitter link). According to Wojnarowski, Wright intends to sign with the Heat after he clears waivers.

Wright, 31, has been with the Wizards since signing a two-year, $16MM contract with the club as a free agent in 2022. He appeared in 83 total games for Washington across those two seasons, averaging 6.1 points, 3.3 assists, 2.9 rebounds, and 1.5 steals in 20.2 minutes per game, with a shooting line of .450/.350/.854.

Viewed as an obvious trade candidate this season due to his expiring $8.2MM deal and the Wizards’ place near the bottom of the NBA standings, Wright was mentioned in several rumors leading up to last Thursday’s deadline.

However, he stayed put, with Josh Robbins of The Athletic subsequently reporting that the offers Washington received for the 31-year-old were “underwhelming” and would’ve required the Wizards to take on salary beyond this season.

After averaging 15.1 minutes per contest in his first 29 games this season, Wright logged just 18 total minutes in the Wizards’ first four games after the trade deadline, signaling that he was no longer part of their plans, so his buyout agreement doesn’t come as a huge surprise.

Wright has a somewhat limited offensive game, but is a solid passer who takes care of the ball and can make an open three-point shot. Much of his value stems from his play on the other end of the court, where he’s an active, versatile perimeter defender.

He’ll join a Heat team that lacks depth at the point guard position following Dru Smith‘s season-ending injury and the January trade sending Kyle Lowry to Charlotte. Players like Terry Rozier, Tyler Herro, and Josh Richardson have played the position for Miami this season, but none are prototypical point guards, and Rozier and Richardson are both currently injured. Wright will give the club another ball-handling option in that role.

The Heat have an open spot on their 15-man roster, so no corresponding move will be necessary to make room for Wright. Miami is permitted to sign Wright despite being over the first tax apron because his pre-waiver salary was less than this season’s non-taxpayer mid-level exception ($12.4MM).

Filling their 15th roster spot will allow the Heat to use their two-way players in up to 50 games apiece, Barry Jackson of The Miami Herald notes (via Twitter). As long as Miami had an open roster spot, those three players will limited to a combined total of 90 games played.

The Wizards will have just 13 players on standard contracts once they officially waive Wright. They’ll have up to two weeks to re-add a 14th man.