Herro agrees to 4-year, $130M extension with Heat
The deal includes $120 million guaranteed with up to $10 million in incentives, a source told the Miami Herald's Anthony Chiang.
The sharpshooter averaged career highs of 20.7 points and 4.0 assists in 66 games last season.
"Tyler is an impact multifaceted player and we are excited to have him signed for the next five years," Heat president Pat Riley said in a statement. "His improvement every year since we drafted him has led to this day.
"We believe he will continue to get better."
Herro recently said Miami's extension offer had to be "the right number" in order for him to sign. If he hadn't agreed to a deal before Oct. 17, he would have become a restricted free agent on July 1.
The 22-year-old has spent three seasons with the Heat since they drafted him 13th overall in 2019. His scoring and assist averages have increased in each campaign.
Herro's new deal runs through the 2026-27 season. Miami has Bam Adebayo and Jimmy Butler under contract through 2025-26.