Miami is fully committed to its scoring sixth man — Boardroom looks at the numbers behind the Heat’s new and impressive Tyler Herro contract extension.
With the 13th pick in the 2019 NBA Draft, the Miami Heat selected Tyler Herro out of the University of Kentucky. After an impressive rookie season that saw him emerge as a top scoring threat during Miami’s Bubble run to the NBA Finals, Herro’s sophomore campaign checked in a bit below the prevailing, admittedly lofty expectations. This past year, however, he bounced back to win 2022 Sixth Man of the Year honors.
Suddenly, it was then time to discuss a rookie extension, and as October arrived, Herro and the Heat came to terms and agreed to a four-year, $130 million contract. The former Wildcat joins other rising fourth-year players — including top-three 2019 draftees Zion Williamson, Ja Morant, and RJ Barrett — among those signing their first extensions this summer.
On the heels of the player’s first breakthrough deal as an NBA player, Boardroom takes a look at the behind the Heat’s new and impressive Tyler Herro contract extension.
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Tyler Herro Contract Details & Salary
All projected dollar figures via HoopsHype.
Years: 4
Total value: $130,000,000
Average annual value: $32,500,000
Free agency: 2027
Previous contract: 4 years, $17,188,836
Remaining salary under current deal:
2022–23: $5,722,116
Projected annual contract extension salary:
2023-24: $27,000,000
2024-25: $29,000,000
2025-26: $31,000,000
2026-27: $33,000,000
In 2021-22, Herro was the second-leading scorer on the Eastern Conference’s top-seeded team in his age-22 season — just 0.7 behind Jimmy Butler — eclipsing 20 points per game. Despite coming off the bench more often than not, he finished tied with All-Star center Bam Adebayo for Miami’s most minutes per game. Moving forward, Erik Spoelstra is expected to keep Herro in his sixth man role, where he has a greater chance of exploiting matchups against opposing second units.
Notably, the new contract comes with a “poison pill clause” that lasts until July 1, 2023, the day upon which the deal officially goes into effect. That specific provision applies to players who sign extensions while their rookie contracts are still active; if these players are traded during this period, their effective impact against their new team’s salary cap immediately takes a significant leap — an increase of just over $5.7 million to above $19 million — despite their actual salary remaining the same.
Tyler Herr’s Career Earnings
Salary data projections via Spotrac.
TOTAL SALARY EARNINGS THRU 2022-23 SEASON: $16,961,324
ESTIMATED SALARY EARNINGS THRU 2026-27 SEASON: $136,961,324
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