During the season, the Heat dealt fan favorites and recent champions Mario Chalmers and Chris Andersen to the Memphis Grizzlies and picked up seven-time All-Star Joe Johnson after Johnson and the Brooklyn Nets agreed to a buyout-waiver near the end of the regular season. They also shot a franchise-high FG% of 67.5% in a game versus the Chicago Bulls on March 1. Center Hassan Whiteside would also lead the NBA in blocks this season. The Heat ended the year as the 3rd seed in the east and as the Southeast Division champions for the 12th time in franchise history, with both the overall playoff spot and division title coming after a disappointing, lottery-bound 2014–15 season in the aftermath of LeBron James returning to the Cleveland Cavaliers as a free agent, thus defeating the Charlotte Hornets in the first round of the playoffs. The Heat finished their 2015–16 run in a Game 7 (89-116) loss against the Toronto Raptors in the conference semifinals.
After 13 years, it marked the end of the Dwyane Wade era as he signed with his hometown team, the Chicago Bulls. However, he later returned to the team at the trade deadline of the 2017–18 NBA season.
Chris Bosh played his final home game versus the San Antonio Spurs on February 9, 2016, as he would sit out the next season due to blood clotting issues and would be waived by the Heat in July of 2017. Despite rumors of a possible return to the league to play for the Toronto Raptors, Golden State Warriors, or Houston Rockets, Bosh formally announced his retirement from the NBA after 14 years, on February 12, 2019 and a month later, the Heat retired his No. 1 jersey.