Steve Smith was traded back to the Miami Heat on Tuesday.  He came over in exchange for Malik Allen and cash considerations.

"We are very excited to welcome back Steve to the Heat organization," Heat president Pat Riley said in a statement released by the team. "In addition to him being a great shooter and his ability to play multiple positions, he also brings great character and veteran leadership to our team."

"This is a great opportunity for him to return where he started in the NBA and go to a legitimate championship contender," said Bobcats coach and general manager Bernie Bickerstaff. "We promised Steve if an opportunity arose ... that we would accommodate him and this was one such opportunity."