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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 the deal was done.
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FILE - Miami Heat's Tyler Herro (14) goes up for a shot against Philadelphia 76ers' Matisse Thybulle, center, and Paul Reed during the first half of Game 6 of an NBA basketball second-round playoff series on May 12, 2022, in Philadelphia. (AP Photo/Matt Slocum, File)
Herro reacted to the deal on social media. He tweeted out a GIF of Bugs Bunny counting his money.
The Heat selected Herro with the No. 13 pick of the 2019 NBA Draft. He played a huge part in the Heat getting to the 2020 NBA Finals during the coronavirus-impacted season. In 2021-22, Herro was named the 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 he averaged a career high 32.6 minutes per game.
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May 21, 2022; Boston, Massachusetts, USA; Miami Heat guard Tyler Herro (14) warms up before game three of the 2022 eastern conference finals against the Boston Celtics at TD Garden. (David Butler II-USA TODAY Sports)
Miami announced the deal later Sunday night.
"Tyler is an impact multi-faceted player and we are excited to have him signed for the next five years," Miami president Pat Riley said in a news release. "His improvement every year since we drafted him has led to this day. We believe he will continue to get better."
The new deal begins at the start of the 2023-24 season.
May 2, 2022; Miami, Florida, USA; Miami Heat guard Tyler Herro (14) reacts after scoring in the third quarter against the Philadelphia 76ers during game one of the second round for the 2022 NBA playoffs at FTX Arena. (Sam Navarro-USA TODAY Sports)
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The Heat made it to the Eastern Conference Finals last year but lost to the Boston Celtics in seven games.
The Associated Press contributed to this report.