Heat, Tyler Herro reach agreement on four-year, $130 million extension


			Heat, Tyler Herro reach agreement on four-year, $130 million extension
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Miami Heat guard Tyler Herro entered training camp with two goals in mind, securing a lucrative rookie-scale contract extension and winning a starting job for the coming season.

The first of those objectives was realized with an NBA source confirming Sunday to the Sun-Sentinel that the Heat and Herro have agreed on a four- year, $130 million contract extension that kicks in at the start of the 2023-24 season.

Because of NBA-salary cap policies, with the agreement, Herro essentially cannot be traded during the 2022-23 season, because of the sharp spike in his salary from the $5.7 million he will earn this season on the final year of his rookie deal.

Selected out of Kentucky with the No. 14 pick in the 2019 NBA draft, Herro last season was named the NBA’s Sixth Man of the Year. He then said his goal was to earn a starting role going forward, a competition that will take place during the Heat’s impending five-game exhibition schedule.

Herro told the Sun-Sentinel during the Heat’ training camp last week at the Baha Mar resort in the Bahamas that he only would accept an extension if he felt it was commensurate with his value. The extension exceeds the one received this summer by New York Knicks guard R.J. Barrett, the No. 3 pick in the 2019 NBA draft, as well as extensions signed in recent years by players such as Jaylen Brown and Mikal Bridges.

Had Herro and the Heat not reached an agreement by the NBA’s October 17 extension deadline, Herro would have become a restricted free agent on July 1, with the Heat having the ability to match outside offers.

With the NBA salary cap expected to take a massive rise next offseason, the Heat instead opted to get ahead of the salary curve, even amid concerns about Herro’s ability on the defensive end.

Among those that Herro will be competing against for a starting role this season include Victor Oladipo, Max Strus, and Caleb Martin.

Herro’s agreement includes $120 million in guaranteed salary, with an additional $10 million in possible incentives.

Unlike the negotiations with center Bam Adebayo during the 2020 offseason, Herro’s negotiations were not about a maximum-scale extension. Only such deals can be written for five years, instead of the four agreed-upon by Herro.


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