Report: Heat, Richardson finalizing 4-year, $42M extension

Josh Richardson is committing to South Beach.

The 23-year-old shooting guard is finalizing a four-year, $42-million contract extension with the Miami Heat, league sources told ESPN's Adrian Wojnarowski.

This new deal will reportedly include an $11.6-million player option the final year, with a starting salary of $9.3 million that jumps to $10.1 million and $10.8 million the following two years, a source told The Miami Herald's Barry Jackson.

That extension won't kick in until after the 2017-18 campaign, where he'll make $1.4 million in the final year of a three-year contract. Without the extension, the 2015 second-round pick would have become a restricted free agent next summer.

As ESPN's Bobby Marks points out, Richardson's $9.4-million cap hit gives the Heat $117.5 million in salary, which is approximately $5.5 million under the tax.

Injuries had a huge impact on Richardson's sophomore season. A partially torn MCL in his right knee, as well as a sprained ankle and left foot, sidelined him for 29 games.

When he did see the floor, the Tennessee product averaged 10.2 points on 39.4 percent shooting with 3.2 rebounds, 2.6 assists, and 1.1 steals in 30.5 minutes.