The Miami Heat have exercised their team option and will retain point guard Mario Chalmers. Chalmers has one year remaining on his current contract and would have become a free agent in July had the team not picked up his option.

Team president Pat Riley officially made the announcement to the Associated Press on Wednesday. Chalmers will enter his sixth season with Miami and is set to make $4 million in 2013-14.

Chalmers has started in 273 out of 366 games for the Heat at the point guard position during the course of his NBA career. During the team's back-to-back NBA championship seasons, he started in 187 games, including the postseason and regular season.

Chalmers averaged 8.6 points per game during the 2013-14 regular season. He also topped his career-high for three point attempts with 123.

Chalmers was especially good during the Heat's elimination games during the NBA Finals. He averaged 17 points during Game 6 and Game 7 as the team came back from a 3-2 deficit over the San Antonio Spurs.

The former Kansas standout was drafted by Miami with the No. 34 overall pick during the 2008 NBA draft. In 2009, he was named to the NBA All-Rookie second team.

Before joining the Heat, Chalmers enjoyed a decorated career playing for Bill Self at Kansas. He was responsible for the Jayhawks' game-winning shot to defeat Memphis in the 2008 NCAA Championship game when he connected on a three-pointer with 2.1 seconds remaining.

Chalmers earned the Most Outstanding Player award for the 2008 March Mandess tournament while helping lead Kansas to their fifth national title. His No. 15 jersey was retired by the program on February 16, 2013.