The Miami Heat are committing to head coach Erik Spoelstra long term. According to ESPN's Adrian Wojnarowski, the Heat have signed their head coach to an eight-year $120 million extension. Spoelstra's current deal expires after this season, but his extension gives him the richest coaching contract in NBA history in terms of total value.
Spoelstra, the second-longest tenured coach in the association, is widely considered one of the best coaches in the NBA. He's been to six NBA Finals and has two championships with the franchise. Since his first season in the NBA, Spoelstra has amassed a 725-506 record, the third-most wins over that span, and he's the second-most profitable coach straight up over those 16 seasons.
LeBron James, who played for Spoelstra for four seasons and whose current head coach is under fire for his team's recent struggles, was quick to congratulate his former coach on the new deal.
Spoelstra found success in recent seasons with a roster that has been overlooked despite their success. The Heat made the NBA Finals in 2023 as the No. 8 seed, the first team to do that since the New York Knicks in 1999. In 2020, the Heat famously knocked out 2020 MVP Giannis Antetokounmpo and the Bucks, then beat the Boston Celtics in the Bubble to reach the Finals before losing to the Lakers.
Spoelstra's ability to maximize his team's potential is the main reason he gets so much praise as one of the league's best coaches, and the numbers prove he's more than worth the record contract. During his tenure as head coach of the Heat, Spoelstra has been the most profitable coach against the spread in the NBA playoffs (106-79-1, +$2103), according to data from Bet Labs.
The Heat are tied for fifth in the Eastern Conference standings with a 21-15 record this season, but they have the fourth-best odds (+1100) to win the East at DraftKings behind the Celtics (+140), Bucks (+230) and 76ers (+1400).
