NBA Hoops

Tyler Herro’s $130 million contract bonuses with Heat revealed

Tyler Herro's $130 million contract bonuses with Heat revealed

On Monday, Miami Heat guard Tyler Herro signed a four-year contract extension with the team worth $130 million. According to sources, $120 million is fully guaranteed. But the deal also includes $10 million in incentives.

Tyler Herro’s contract incentives include $1 million for winning MVP, $1 million for winning Defensive Player of the Year, $1 million for earning an All-NBA First-Team selection, $1 million for receiving an All-NBA Second-Team selection, and $500,000 for earning an All-NBA Third-Team selection.

Per multiple NBA betting sites, the Heat have top-10 odds of winning a championship in 2023. Find out which sportsbooks are giving them the best odds of returning to the Eastern Conference Finals.

Furthermore, the third-year guard must play in 75% of regular season games. Barring a major injury, Tyler Herro should have no problem appearing in 62 games. Plus, incentives are capped at $2.5 million per season.

While winning DPOY is a long shot, even if he wins the award and receives an All-NBA honor, the most he can earn in added bonuses each season is $2.5 million.

Tyler Herro’s $10 million in incentives with Heat are based on games played and All-NBA honors

It should also go without saying that if Herro wins MVP and DPOY in the same season, he’ll receive an All-NBA First-Team selection as well. The strange wording is based on salary cap regulations within the CBA.

Of course, Herro’s $5,722,116 team option was exercised for the 2022-23 season on September 3, 2021. This is part of the rookie scale contract he signed with the Heat in 2019.

Heat president Pat Riley released this statement on Herro’s multi-year deal: β€œTyler is an impact multi-faceted player and we are excited to have him signed for the next 5 years.Β His improvement every year since we drafted him has led to this day. We believe he will continue to get better.”

Head coach Erik Spoelstra also commented on Herro’s re-signing. β€œIt is gratifying for everybody involved,” said Spoelstra. β€œEverybody in our organization, for Tyler, his family, his representation.”

Last season, in 66 appearances,…

Click Here to Read the Full Original Article at Basketball Insiders | NBA Rumors And Basketball News…