Miami Heat guard Tyler Herro agreed to a four-year, $130 million contract on Sunday, according to multiple reports.
Herro's deal reportedly contains $120 million in guaranteed money and incentives in which he can earn an additional $10 million.
The Heat confirmed Herro signed an extension later Sunday night, but the team did not release the terms of the deal.
"Tyler is an impact multi-faceted player and we are excited to have him signed for the next five years," Heat president Pat Riley said in a news release. "His improvement every year since we drafted him has led to this day. We believe he will continue to get better."
Herro was the NBA Sixth Man of the Year last season when he averaged 20.7 points, 5.0 rebounds and 4.0 assists. He made 175 3-pointers -- averaging 2.7 per outing -- in 66 games (10 starts).
The 22-year-old is entering his fourth season. The Heat had until Oct. 18 to reach an extension with him.
Herro has career averages of 16.7 points, 4.7 rebounds and 3.2 assists in 175 games (33 starts) with the Heat.
He shot just 22.9 percent from 3-point range in the postseason last season while trying to play through a groin injury, as he went on to average 12.6 points in 15 playoff games. Herro missed three straight games in the Eastern Conference finals and played sparingly in the Game 7 loss to the Boston Celtics.
Herro was the No. 13 overall pick out of Kentucky in the 2019 draft.
--Field Level Media