Transactions listed are from July 1, 2008 to
June 30, 2009.
- July 9, 2008
Signed James Jones as a free agent.
- August 5, 2008
- August 7, 2008
Signed Yakhouba Diawara as a free agent.
- August 15, 2008
Waived Bobby Jones.
- September 2, 2008
Signed Jamaal Magloire as a free agent.
- October 3, 2008
Signed Shaun Livingston as a free agent.
- January 7, 2009
- February 13, 2009
Traded Marcus Banks, Shawn Marion and cash to the Toronto Raptors for Jamario Moon, Jermaine O'Neal, a 2010 2nd round draft pick (Da'Sean Butler was later selected) and a 2011 1st round draft pick (Jonas Valanciunas was later selected). Miami also received a trade exception from Toronto.
- March 4, 2009
Signed Luther Head as a free agent.
- June 25, 2009
Drafted Robert Dozier in the 2nd round (60th pick) of the 2009 NBA Draft.
Drafted Marcus Thornton in the 2nd round (43rd pick) of the 2009 NBA Draft.