The Miami Heat plan to hold on to Erik Spoelstra for a very long time.

The Heat head coach has agreed to an eight-year, $120 million contract extension to remain in Miami, according to ESPN's Adrian Wojnarowski.

The deal is the largest known coaching contract in NBA history by total value, surpassing San Antonio Spurs head coach Gregg Popovich's extension for five years and more than $80 million. That deal still carries a higher annual salary, however.

Both deals are a ripple effect of the market-resetting, six-year, $78.5 million deal Monty Williams landed from the Detroit Pistons as a free agent.

It's not a surprise that Spoelstra would be the coach to land a contract such as this. Once the fresh-faced leader of the LeBron James-era Heat, which included two NBA titles, Spoelstra has evolved into one of the most respected coaches in the league. The Heat are famed for their scouting and development abilities, with 2023 18th overall pick Jaime Jaquez Jr. representing their latest success.

Jaime Jaquez Jr.

SF - MIA - #11

2023 - 2024 season

11.9

Pts

3.8

Reb

2.6

Ast

0.3

Blk

28:10

Min

Spoelstra has been a member of the Heat organization since 1995, when he joined as a video coordinator with no promise of future employment. He proceeded to work his way into becoming an assistant coach, an advance scout, the director of scouting and, finally, Pat Riley's successor as head coach.

Even in seasons without James, the Heat have reached the NBA Finals as many times as they have posted losing seasons under Spoelstra, who holds a career record of 725-506 in 16 seasons. The signing of Jimmy Butler, who was hailed as a perfect match for Miami's culture, led to the team winning the Eastern Conference in 2020 and 2023, though they came up short in both, to the Los Angeles Lakers and Denver Nuggets.

James offered his endorsement and congratulations soon after the extension was reported.

This season, the Heat sit fourth in the East with a record of 21-15.