Looks good for all parties involved.
Heat can give more playing time to Tyler Johnson, who is probably better than Chalmers and a better fit for what they want to do. Same with their rookie, Josh Richardson, who people in the organization really like. Good for Heat fans too because Chalmers is so frustrating to watch. He did have his moments and hit some big shots in the playoffs over the years so best of luck to him.
Heat also lower their tax bill and save around $8M, which is something they've wanted to do since the summer. I'm guessing Birdman will be the next to go if they can find a taker so they'll be able to duck the tax all together.
Not sure how much better Chalmers is offensively but he is better than Udrih defensively. Probably an upgrade for the Grizzlies.