8:04pm: It’s an eight-year deal, a source tells Reynolds (Twitter link). The contract is worth over $100MM, Chiang tweets, while ESPN’s Adrian Wojnarowski pegs that figure above $120MM (Twitter link).
7:51pm: Heat coach Erik Spoelstra has signed a long-term contract extension, according to Tim Reynolds of the Associated Press (Twitter link).
Spoelstra had been in the last year of his contract. While the exact terms of the extension are unknown, Ira Winderman of the South Florida Sun Sentinel reports that it’s for more than five years at a rate of over $10MM per season (Twitter link).
Spoelstra will be one of the league’s highest-paid coaches, per Anthony Chiang of the Miami Herald. Head coaching salaries have risen dramatically over the past year. Spurs coach Gregg Popovich signed a five-year contract worth a reported $80MM and Pistons coach Monty Williams inked a six-year, $78.5MM deal.
Spoelstra, who has been in the Heat organization since 1997, has been the team’s head coach since the 2008/09 season and has two championships to his credit. He has also guided the franchise to the NBA Finals in four other seasons, including last season’s appearance after surviving the play-in tournament.
In total, Spoelstra has compiled a 725-506 (.589) regular season record across his 15-plus seasons in Miami, with an impressive 109-75 (.592) mark in the playoffs.
Popovich is the NBA’s only current head coach who has been with his current organization longer than Spoelstra has been with the Heat.