The Rationale
For the Heat:
I understand totally rebuilding is not really Pat Riley's thing, however given the major restrictions of the new CBA for second apron teams (which Miami basically are) I think the Heat should reconsider their approach. Trading Butler is an easier pill to swallow than Bam, he is making nearly 50 million a year and is up there in age. Getting two firsts for him while taking back no salary (considering the Heat's financial position) is a win imo. Trading Bam is a more difficult thing to do, they would get 4 firsts and 4 seconds and no salary in return for him, plus they get back all of their firsts round picks! Additionally, with the expiring contract of Bertans and the three rookie deals they would add to their existing roster, the Heat would effectively have 80+ million in cap space next offseason (plus picks). Considering the destination that Miami is, this could be huge.
For the Thunder:
(I've added the Caruso trade here just for the visual)
Yes the Thunder could go out and offer a large contract to someone like Nic Claxton this offseason, however Bam seems like the perfect fit with this group considering his mix of elite defence and playoff experience. The Thunder move some of their assets to get him without breaking the bank, creating a defensive juggernaut and solving their issues in the front court. Furthermore, this does not put the Thunder in a difficult place cap wise, as Bam's contract expires the same time that Chet and Jalen Williams' do, meaning that the Thunder's tough future contract decisions will not be made more difficult by money.
For the Sixers:
I think the rationale here is simple, from the reports I have heard the Sixers are losing interest in PG. Contract wise, Butler is the better option as he only has two years left on his deal whereas a Paul George deal would mean the Sixers would be tied down for 4. Yes it hurts to give up picks, but Butler is a leader who has taken teams to the finals. He's friends with Embiid and has played in Philly, plus the front office change over means that hard feelings about the lack of a contract extension in 2019 may not be an issue.
For the Hornets:
Additional shooting for this group would be nice, and they get two seconds effectively for free.
For the Bulls:
I mean they've already accepted this deal...