NBA free agency Day 5: Did Heat overpay for Dion Waiters?

— -- On Day 5 of NBA free agency, here's our team-by-team analysis of the major and minor deals.

Updates on each deal will be posted here throughout the day. Latest addition: OKC's three-year deal with Andre Roberson.

All deals listed alphabetically by team.

Golden State Warriors

1.?Agreed to a reported one-year, $5.2 million deal with guard Nick Young

The Warriors don't really need Nick Young. The champs already have three capable perimeter reserves in Andre Iguodala, Shaun Livingston and Patrick McCaw, the latter of whom should be able to take a larger role in his second season. However, none of those three players are plus outside shooters (Iguodala, the best of the group, is about average), so Young does bring a dimension to Golden State's perimeter rotation, and more depth is generally preferable to less depth as long as everyone understands and is comfortable in their roles.

Besides his marksmanship, Young also gives Steve Kerr more flexibility to cut the minutes that the aging Iguodala and Livingston play during the regular season. Backing Iguodala off from the 26.3 minutes per game he averaged last season could yield dividends in the postseason.

The only quibble with this signing is that the Warriors used the entirety of their taxpayer midlevel exception, preventing them from dipping into the midlevel to give second-round pick Jordan Bell a contract longer than the two seasons allowed by the minimum exception. If Bell exceeds expectations, he could get more expensive quickly as a restricted free agent after the 2018-19 season.

Having added Young and Omri Casspi in the past 24 hours, the Warriors now have 12 players. Bell will surely be the 13th. Golden State using the taxpayer midlevel to sign Young is a sign that starting center Zaza Pachulia will return using non-Bird rights (allowing him a starting salary up to $3.5 million), giving the Warriors one roster spot to fill at the minimum.

Indiana Pacers

1.?Waived guard Monta Ellis

Ellis' fit in Indiana was questionable from the beginning, and he'd lost his starting job at shooting guard less than halfway through a four-year contract signed in the summer of 2015. (Ellis did return to the starting lineup late in the regular season and for the Pacers' first two playoff games.)

Now, with Indiana looking to get younger after the Paul George trade, Ellis, who turns 32 around opening night, wasn't part of the team's future. Unable to secure a buyout from Ellis, the Pacers will apparently just eat his entire $11.2 million 2017-18 salary.

According to David Aldridge of Turner Sports, Indiana has elected to stretch Ellis' salary. Because of a non-guaranteed 2018-19 player option, that stretch will actually cover five years, leaving $2.25 million on the Pacers' books through 2022. Stretching Ellis creates $9 million in additional cap space this summer, bringing Indiana's total to $22 million with the non-guaranteed salaries of Glenn Robinson III and Kevin Seraphin on the books.

We'll see what the Pacers are able to do with the money. For now, it looks like Indiana might have been better off taking the entire cap hit now and moving forward with clean books.

Miami Heat

1.?Agreed to a reported four-year, $52 million contract with guard Dion Waiters

Alright, I'll admit it: I'm still not interested in property on Waiters Island, a market currently in the midst of a bubble.

Over the 46 games he played in 2016-17, Waiters shot a career-high 39.5 percent from 3-point range, accuracy that's probably not sustainable, considering he is a career 34.6 percent shooter from beyond the arc. And yet Waiters' efficiency still wasn't very good; his .506 true shooting percentage ranked 45th among the 47 players who used more than 25 percent of their team's plays in at least 1,000 minutes of action.

Given that, I tend to think Waiters' value is more along the lines of the $2.9 million he got from the Heat last year than his more lucrative contract this time around after declining a player option.

I certainly understand why Miami would place high value on retaining Waiters. His ability to create shots was important for the Heat last season. Miami scored 2.1 more points per 100 possessions with Waiters on the court last season, according to NBA.com/Stats, and went 27-19 in his 46 games compared with 14-22 in the 36 games Waiters missed. As a result, ESPN's real plus-minus (RPM) rated Waiters an above-average contributor.

This deal also has the benefit of taking Waiters right through his prime. He'll be 29 at its conclusion, meaning the Heat don't have to worry about paying for his decline phase.

Assuming 5 percent raises, this deal will start at a little more than $12 million. That leaves Miami about $17 million in cap space remaining assuming the team guarantees Wayne Ellington's $6.2 million salary and keeps Luke Babbitt's minimum-salary cap hold on the books. That's plenty to re-sign forward James Johnson but might not be enough to add a significant new piece on top of the Heat bringing back last year's core.

Oklahoma City Thunder

1.?Agreed to a three-year, $30 million deal with forward Andre Roberson

With money drying up around the league, it looks as though Roberson concluded this was as well as he was likely to do as a restricted free agent. For a player who hasn't made much money as the No. 26 pick of the 2013 draft ($5.7 million), this is a good payday, and a three-year deal puts Roberson back on the market as an unrestricted free agent at age 28.

From Oklahoma City's standpoint, locking Roberson in at a reasonable number eliminates whatever risk existed of another team coming in with an exorbitant offer that would have forced the Thunder to accept the possibility of a huge luxury-tax bill. As it is, Oklahoma City is about $5.8 million over the tax line with the non-guaranteed contracts of Semaj Christon and Jerami Grant included. Filling out the roster with two more minimum-salary players would increase the Thunder's tax bill to nearly $14 million.

Oklahoma City may be able to shed some money by the trade deadline, getting the tax bill to a more manageable number. This also might be a one-year stint in the tax, given that Paul George can become a free agent next summer. Spending big this season to try to convince George -- and Russell Westbrook -- to re-sign next summer is a worthwhile investment.

With George and Patrick Patterson, Oklahoma City looks like one of this summer's most improved teams. Losing Roberson's elite perimeter defense would have offset some of that improvement, so kudos to the Thunder for getting his deal done.