Heat head coach Erik Spoelstra signs long-term extension

Heat head coach Erik Spoelstra has signed a long-term contract extension, Tim Reynolds of the Associated Press reports. According to Reynolds, it’s an eight-year deal.

Spoelstra had been in the last year of his contract. While the monetary terms of the extension are unknown, Ira Winderman of the South Florida Sun-Sentinel reports that it’s at a rate of over $10M per season.

In any case, he’ll be one of the league’s highest-paid coaches, according to Anthony Chiang of the Miami Herald. Head coaching salaries have risen dramatically over the past year. Spurs coach Gregg Popovich signed a five-year contract worth $80M and Pistons coach Monty Williams inked a six-year, $78.5M deal.

He’s been the head coach of the Heat since the 2008-09 season with two championships to his credit. Spoelstra, who has been in the Heat organization since 1997, has also guided the franchise to the NBA Finals in four other seasons, including last season’s appearance after surviving the play-in tournament.

Spoelstra is the second-longest active tenured head coach with one team behind only Popovich.