Summary
Martin had some doubters coming into the 2020 draft, as some draft evaluators did not see him as someone that should be drafted. Nevertheless, the Rockets selected him with the 52nd pick, and he looks to be a steal at that spot. Martin didn't really start to see minutes in '20-'21 until the Rockets' season was down the drain, so the context of his success is a little tricky, but he appears to have some real upside. So far through '21-'22, Martin hasn't taken any major leaps but his rookie year doesn't seem to be a fluke, so he has rotation-level player potential.

Martin is an athletic wing that can finish well above the rim, and has had some legitimate poster dunks. He also has shot a slightly above-average 35% from three, but we'll probably need to see a bigger sample before we can really know if his shooting is legitimate. Defenses are generally still pretty happy leaving him open. Martin rebounds well for a wing and also has a really nice block rate.

Although Martin's contract is non-guaranteed for '22-'23, it's almost certain that the Rockets keep him around.
 
Cap Considerations
Martin's $1.8 million salary for 2022-2023 is non-guaranteed, and if he is waived he will become an unrestricted free agent and the Rockets will have no form of Bird rights on him. It's very unlikely the Rockets waive Martin, and if he did he would likely be claimed before hitting free agency. If he is waived, teams could claim him off waivers, but would need to fit his salary within cap space or an exception to do so, as his contract doesn't fit within the minimum salary exception as it was a three-year contract.

If Martin becomes a free agent, other teams will have multiple ways to sign him as even teams without cap space could use any of the Non-Taxpayer MLE, Taxpayer MLE, or possibly even the Room MLE to sign him. I would also say that in the unlikely scenario Martin is waived and clears waivers, his value will have dropped low enough that he would only have offers for the minimum.