1:20 p.m.: Riley said the Heat has to stop being a tax team every year, with consequences particularly punitive in this new CBA. “We have to make an adjustment. It gets punitive financially. This not a priority, but it is in order to manage the financial part of the team. We will try to get out and then back in and re-set it.”

After 30 years with the Miami Heat and 80 years around the sun, Pat Riley has no plans to retire anytime soon. "I just turned 80, and I'm proud of it and 80 is the new 60," Riley told reporters. "I mean, that's how I look at it. I feel great. I am competitive as hell."

For the first time in over a year, Miami Heat President Pat Riley addressed the media at length on Friday at Kaseya Center, reflecting on the past season and touching on future thought.