One of the NBA’s longest-running team-coach relationships will continue with the Miami Heat and Erik Spoelstra having reached a contract extension. The eight-year deal is valued at least $120 million, as reported by Adrian Wojnarowski of ESPN. Among North American sports coaches, the overall value is a record.
Across all sports, the $15 million annual average is tied for fourth place.
The 53-year-old Spoelstra has won two titles while coaching six Heat teams to the NBA Finals. After surpassing Red Holzman in the previous year, he is currently ranked 19th with 725 wins, breaking into the top 20 all-time NBA coaches. Of those coaches, just three won more games with one team: Red Auerbach of Boston, Jerry Sloan of Utah, and Gregg Popovich of San Antonio.
Popovich agreed to a five-year contract deal of at least $80 million this summer. Since Phil Jackson hung up his whistle, Pop, who is in his 28th season with the Spurs, has been the dean of NBA coach compensation. Following the startling six-year, $78.5 million deal that the Detroit Pistons granted Monty Williams in June, his new contract restored that hierarchy. Williams was desired by owner Tom Gores, who increased his offer until the 2021 Coach of the Year was unable to refuse it.
There were already repercussions from Williams’ contract before Spoelstra signed. Coach Rick Carlisle of the Indiana Pacers and Michael Malone of the Denver Nuggets, who recently won a championship with his team, agreed to contract extensions for $12 million and $9 million yearly, respectively.
Steve Kerr, the coach of the Golden State Warriors, is in the final year of his deal, so he should be the next to cash in, much like Spoelstra was. During his first nine seasons on the bench, Kerr guided the team to six NBA Finals and four titles. His group
Hired in 2008 to take Pat Riley’s place as head coach of the Heat, Spoelstra was in the final year of a contract that offered an average basic salary of $7.5 million with incentives. Nobody anticipated the Heat star leaving South Beach, and by holding off on signing a contract for so long, Spoelstra’s CAA agents were able to obtain some crucial information during the talks.