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

Selected with the 13th pick in the first round out of Kentucky back in 2019, Tyler Herro quickly developed a reputation for being one of the game’s best shooters in basketball, picking up right where he left off in college. After coming out firing, earning 27.6 minutes per game as a rookie, Herro’s playing time and confidence has only since grown.

Most recently, the 22-year-old Herro averaged 20.7 points per game while shooting 39.9% from three-point range. His effort was strong enough to win the NBA’s Sixth Man of the Year award, playing a key role off the bench for the top-seeded team in the Eastern Conference.

Now, according to Adrian Wojnarowski, the Heat have finally agreed to terms with Herro on a four-year, $130 million contract extension keeping the reigning Sixth Man of the Year award winner in South Beach through the 2026-27 season. Herro’s new deal pays him an average value of $32.5 million per season. With Herro now under contract for the next five years, he shouldn’t have to worry about having to move elsewhere any time soon.

The Heat were working against an Oct. 18 deadline to sign Herro to an extension before the year began. Now they don’t have to risk Herro leaving as a restricted free agent, as Jalen Brunson did this past offseason, going from Dallas to New York.

Tyler Herro can’t be traded until Jan. 15

All summer rumors ran rampant over Herro being linked to trade rumors, which many believed could have been the biggest reason why this contract agreement didn’t get done months ago. Yet, Herro didn’t seem thrilled with the idea of going to Utah, and Donovan Mitchell ended up being traded to the Cleveland Cavaliers. Instead of trying to cash in their chips for a star, the Heat will take their chances with their homegrown talent, hoping Herro can continue to improve.

Herro’s already proven to be a great scorer, but rounding out the rest of his game could be crucial to Miami’s long-term success. We’ll see whether the move pays off in the long run, but keeping together a core that won 53 games a season ago probably isn’t a bad call for Heat brass to make.