Sources: Heat extend Erik Spoelstra on record 8-year, $120M deal،
Miami Heat coach Erik Spoelstra has agreed to an eight-year contract extension worth more than $120 million, the most money committed in North American coaching history, reports said. sources to ESPN Tuesday evening.
Spoelstra, 53, has established himself as one of the most respected and successful coaches in professional sports and the new deal reflects both his and the organization's desire to keep him with the only franchise for which he never worked in the NBA.
Spoelstra – who has won two championships and reached the NBA Finals six times – is the second highest paid coach in the NBA on an annual basis, behind Gregg Popovich at $19 million per season, but the length of Spoelstra's contract separates him financially from his peers, sources say.
Miami is tied for fifth in the Eastern Conference with a 21-15 record despite a revolving door of injuries to key players all season.
Spoelstra has been Miami's coach since 2008, when he was named to replace Hall of Famer Pat Riley. Since then, Spoelstra has become one of 14 coaches in NBA history to win two titles. As the eighth seed last season, the Heat had a remarkable run through the Eastern Conference playoffs only to lose to the Denver Nuggets in the NBA Finals.
He is behind Popovich in tenure with a single franchise and is third behind Popovich and Indiana Pacers coach Rick Carlisle among active coaches in games won (725).
These 725 victories place Spoelstra 19th in NBA history. He is fifth all-time with 109 playoff victories, behind Popovich among active coaches.
Spoelstra started with the Heat in 1995 as video coordinator under Riley. Over the next 13 years, Spoelstra rose through the ranks to become Riley's assistant, then took over the team when Riley resigned in 2008.
Two years later, LeBron James and Chris Bosh joined Dwyane Wade in Miami, beginning a streak of four consecutive Finals appearances, including back-to-back championships in 2012 and 2013.
After James' departure in 2014, Spoelstra and the Heat returned to the late stages of the playoffs with Jimmy Butler in the Orlando, Florida, NBA bubble in 2020, beating the Milwaukee Bucks and the near-losing Boston Celtics in six games in the NBA. Finals against James and the Los Angeles Lakers.
The Heat then lost in seven games in the Eastern Conference finals to the Celtics in 2022, before reaching the NBA Finals last season after beating the Bucks, the New York Knicks and the Celtics.
ESPN's Tim Bontemps contributed to this report.
