Heat, Tyler Herro agree to four-year, $130 million contract extension

The Miami Heat and guard Tyler Herro have agreed to a four-year, $130 million contract extension. Per sources, $120 million is fully guaranteed. This multi-year contract also includes $10 million in incentives.

While the incentives are unknown, several NBA players receive bonuses for receiving All-NBA honors and playing in a certain number of games. Plus, Herro cannot opt out after the third year of his new deal and receive over 30% of his total contract.

According to a few NBA betting sites, sportsbooks are giving the Heat top-10 championship odds for the 2022-23 season. Will they return to the Eastern Conference Finals in the 2022-23 season? Find out which betting sites are showing the highest odds.

OFFICIAL: The Miami HEAT have re-signed guard Tyler Herro to a contract extension.
All the details ➡️ https://t.co/tsStl3303L@MiamiHEAT // @FTX_Official pic.twitter.com/LUoIVHo5SK

— Miami HEAT (@MiamiHEAT) October 2, 2022

On September 3, 2021, Herro’s $5,722,116 team option was exercised for the 2022-23 season. This is part of the rookie scale contract he signed with the Heat in 2019.

Heat president Pat Riley released this statement on Herro’s multi-year deal: “Tyler is an impact multi-faceted player and we are excited to have him signed for the next 5 years. His improvement every year since we drafted him has led to this day. We believe he will continue to get better.”

Tyler Herro agrees to a four-year deal with the Heat worth as much as $130 million

Last season, in 66 appearances and 10 starts, Herro averaged 20.7 points, 5 rebounds, and 4 assists per game. The third-year guard shot 44.7% from the field and 39.9% from 3-point range as well. He then won Sixth Man of the Year.

In the Heat’s 102-91 loss against the Indiana Pacers on October 23, 2021, the guard became the first player in franchise history to record at least 30 points and 10 rebounds off the bench.

NBA analysts projected Herro to receive a comparable deal to New York Knicks guard/forward RJ Barrett. In August, Barrett signed a four-year, $107 million contract extension with the Knicks.

🤧 pic.twitter.com/usI8debi7Q

— Tyler Herro (@raf_tyler) October 3, 2022

Not to mention, Jaylen Brown signed a four-year, $107 million contract with the Boston Celtics in 2019. So, Riley and G.M. Andy Elisburg believe Herro is a special player. He helps make the Heat a solid playoff contender.

Needless to say, this is impeccable timing. It appeared the guard was becoming impatient and a bit agitated with Miami’s front office.

“There’s players across the league that have gotten paid who I know I’m better than,” explained Herro last week. “So, it’s got to be the right number.”

However, now that Tyler Herro has received his payday, the pressure is on for him to meet or exceed high expectations. Fans are wondering if the 22-year-old can raise the bar in the 2022-23 season. He can do just that by receiving an All-NBA honor with the Heat.