PORTLAND, Ore. — First the reasoning, at least the external perspective.

The Miami Heat balked at offering Jimmy Butler a maximum extension because at his age (35), recent history of missed games, and indifference to the regular season.

Certainly a reasonable stance.

But then the Heat, who could not have been more public in announcing they were open for trades, balked at the quality of offers because they were not believed to be commensurate for a player of Butler’s value.

Wait, what?

To that end, it would seem that any potential Butler landing spot eventually would stand as a land of confusion.

What we seemingly have here is a player not valued by the Heat to the degree that the player values himself, but also valued by the Heat as a prime asset on the trade market.

Again, wait, what?

The Heat, when given the opportunity to extend paper and pen for an extension, resisted at the cost of doing such business. Their right. But then when approached with trade options, the potential payoff was not deemed equitable.

No, the likes of Tobias Harris, John Collins, Collin Sexton, Nikola Vucevic or any of the other names being tossed into the debate are not Jimmy Butler.

But is Jimmy Butler still Jimmy Butler, is he still Playoff Jimmy (or, more to the point, is he playing on any given night)?

Yes, money should not be taken on long term in a trade. Agreed.

The preference by any acquiring team in a trade should be adding what you want, not what is offered.

And, yes, drafted capital has to be restored, especially in light of the overpay for Terry Rozier (a possible unprotected lottery pick).

But you also can’t have it both ways, view Butler as something less than uber elite … unless it comes to Butler as a trade asset.

If the Heat don’t want to trade Jimmy Butler, if they want to make it work for the balance of the season or at least until the Feb. 6 NBA trading deadline, want to outlast this passive-aggressive phase, fine. But then don’t issue a statement saying that you are open to making a deal, a statement released with seeming haste and urgency.

And if the Heat are seeking to make a deal, then appreciate the value that you internally have assessed of the asset.

You can’t expect Jimmy Butler to agree to be paid like a Lincoln, but to go off the lot in a trade as a Lamborghini.

Who didn’t see this coming?

Fred Hoiberg saw it coming with his Butler kerfuffle in Chicago.

Minnesota ownership saw it coming with the infamous theatrics at practice.

Philadelphia’s Brett Brown saw it coming with less than a wholehearted buy-in in Philadelphia.

So now, a kindler, gentler Pat Riley suddenly is naive?

Not buying. Not when Riley still is stamping his name on statements, such as the one that he would not trade Butler.

The irony is that when it comes to Butler’s suspension and lost wages, an arbitrator will sort out that financial resolution in the offseason.

But it’s almost as if the two sides at this moment need an arbitrator to assess Butler’s current value — not what Butler’s camp is seeking with a max deal, not what the Heat are seeking to cash out with on the trade market.

Is Jimmy Butler worth this season’s $48.8 million?

Is he worth the $52.4 million player option he holds for next season?

Is he worth more at the start of a re-written deal this offseason?

It only takes one team, one bidder to affirm each of those numbers.

Butler’s camp believes similar numbers are requisite for an extension or new contract.

Ironically, the Heat seemingly are approaching their trade investigation with similar valuation.

Which makes this all the more convoluted, confusing and confounding.

Jimmy Butler believes he remains valuable enough to be paid. The Heat seem to believe he is valuable enough to fetch an A-list asset in a trade.

Everyone loves Jimmy.

Each in their own contrasting, confusing, confounding way.

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