The Miami Heat are locking up head coach Erik Spoelstra and throwing away the key.
The Heat have signed Spoelstra to a long-term contract extension, according to AP reporter Tim Reynolds. ESPN’s Adrian Wojnarowski reported the deal to be worth a whopping $120M over eight years.
The guaranteed money is the most committed to a coach in NBA history. Spoelstra’s new deal absolutely obliterated the previous record-holder.
Spoelstra has been widely regarded as one of the best coaches in the NBA for a long time. He has a career coaching record of 725-506 — a win rate of 58.9% — across 16 seasons with the Heat.
Spoelstra has won two championship rings, made six trips to the NBA Finals, and only has two losing seasons on his resume.
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