Tyler Herro is clearly one of the two best young players on the Miami Heat roster right now. That much is quite clear. Herro is also eligible for a contract extension this off-season. With that in mind, let’s discuss the Herro situation and what the Heat might do with him.
Sign Tyler Herro to a Contract Extension
The simplest path forward for the Miami Heat is simply to sign Herro to a contract extension. Herro is eligible for a full max extension worth roughly $184 million over five years. This is the contract that Herro will ask for and want to sign given his age, skillset, and significant improvement last season. The Heat have a track record of paying their promising young players as they did with Bam in the 2021 off-season.
However, it’s possible that the Heat re-sign Herro to a slightly smaller contract. The contract would be a below-max extension, but it would include bonuses that make the contract a max extension. The Celtics basically took this route with Jaylen Brown’s latest contract. It is harder to put numbers to this kind of contract, but it could be a possible compromise if the Heat doesn’t want to offer Herro a full max extension.
Let Herro Enter Restricted Free Agency
This seems the least likely scenario. However, it is possible that the Heat could let Herro enter RFA in the 2023 off-season. In that case, the numbers on the max contract wouldn’t change. Herro’s performance in the 2022-23 season could affect his contract negotiations, though. Given the fact that there are no indications of a negative relationship between Herro and the Heat, this approach seems unlikely. Even if Herro does enter 2023 restricted free agency, he would likely still re-sign with the Heat.
Trade Tyler Herro for Another Star Player
Herro has been involved in trade speculation ever since Durant requested a trade from the Brooklyn Nets. It seems incredibly unlikely that the Heat trade for a star player without giving up Tyler Herro. However, the Heat’s pursuit of Durant and Donovan Mitchell is complicated by their lack of draft compensation.
The Nets also want Bam in any potential Durant trade, which the Heat are almost certainly unwilling to accept. The Jazz also reportedly want 7-8 first-round picks for Donovan Mitchell so that trade also appears unlikely. Considering the demands of the Jazz and the Nets, a Tyler Herro trade doesn’t seem likely at this point in time.
What Do You Think The Heat Will Do with Tyler Herro?
There are several paths that the Heat could take with Tyler Herro. My expectation is that Tyler Herro will re-sign with the Heat this off-season. If not, then Herro will likely re-sign with the Heat in the 2023 off-season. You could even bet on the Heat winning more games if you feel confident Herro will continue to improve. In any case, check back next week for more Miami Heat content.