The 33-year-old Miller was a part of Miami's back-to-back NBA title runs. He signed shortly after the Big Three of LeBron James, Dwyane Wade and Chris Bosh agreed to play for Miami. Miller's shooting was expected to help spread the floor and create space for James and Wade to penetrate.
Miller has been effective on occasion, but his role has been limited by injuries. He averaged only 4.8 points per game last season, and that number fell to 3.4 points per game in the playoffs. Still, he made 16 of 36 three-pointers in the postseason and started four games of the Finals.
The Heat will still owe Miller about $13 million in salary over the next two years, but releasing him saves $17 million in luxury tax payments, reports ESPN.com's Brian Windhorst on Twitter.