Lamar Odom could sign a five-year deal with the Heat worth all of the team's mid-level exception, according to sources close to the process.

The deal would be worth $34 million and could include an option for Odom to hit the free agent market again in three year's time.

The Lakers possess Odom's Bird rights, which means that the Heat can't match the $9 million annual salary that Los Angeles offered prior to the team's decision to retract the offer.

The comparable three-year deals, with Odom's option to hit free agency in Miami after three seasons, aren't all that different though.

He would have made $27 million with the Lakers, and would earn $19 million over the first three years of the proposed five-year contract with the Heat.

That $8 million difference, however, isn't as vast as it seems. The absence of state taxes in Florida would represent close to an extra $1 million annually.

Via ESPN

Miami Heat, Los Angeles Lakers

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