Erik Spoelstra and the Miami Heat have agreed to an eight-year, $120 million contract extension, the most valuable contract in NBA history for a single coach.
Spoelstra is one of the longest-serving coaches in the NBA, and has only ever worked with the Heat across his 29 total seasons, the past 16 as head coach after he succeeded Hall of Famer Pat Riley in the role.
The deal also makes Spoelstra the second highest paid coach annually, after Gregg Popovich of the San Antonio Spurs – also the only coach to boast a longer single-franchise tenure than Spoelstra.
The exact terms of the contract have not been revealed publicly, but the details that have been revealed to ESPN speak to the franchise’s intent on keeping one of the most successful coaches in basketball at their helm.
Spoelstra holds three NBA championship rings – two from his time as head coach – and led the Heat to the NBA Finals six times, including last season. He has the third most wins of any active coach at 725 total victories.
He will also serve on head coach Steve Kerr’s staff for USA Basketball at the Paris Olympics this summer, and is a candidate to succeed Kerr for the next Olympic cycle.
Spoelstra first joined the Heat in 1995 as a video coordinator, rising to become a scout and eventually Pat Riley’s assistant coach. By 2008, he was hand-picked by Riley as his successor. Starting in 2010, Spoelstra oversaw four consecutive seasons in the NBA Finals with the teams led by LeBron James, Dwyane Wade and Chris Bosh, taking the championship in 2012 and 2013.
