Tyler Herro and the Miami Heat agreed to a four-year contract extension on Sunday, the team announced.
The deal could be worth up to $130 million with incentives, according to the Associated Press. The deal is reportedly worth $120 million in guaranteed salary with $10 million that could be earned in bonuses. ESPN first reported that the deal was done.
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Herro reacted to the deal on social media. He tweeted a GIF of Bugs Bunny counting his money.
The Heat selected Herro with the 13th pick in the 2019 NBA Draft. He played a huge role in the Heat’s advance to the 2020 NBA Finals during the coronavirus-affected season. In 2021-22, Herro was named Sixth Man of the Year after averaging 20.7 points, 5 rebounds and 4 assists in 66 games. He only started 10 of those 66 appearances and averaged a career-high 32.6 minutes per game.
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Miami announced the deal later Sunday night.
“Tyler is a multifaceted impact player and we are excited to have him signed for the next five years,” Miami president Pat Riley said in a press release. “His improvement of him every year since we recruited him has carried him to this day. We believe he will continue to improve.”
The new deal begins at the start of the 2023-24 season.
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The Heat reached the Eastern Conference Finals last year but lost to the Boston Celtics in seven games.
Associated Press contributed to this report.