Miami Heat head coach Erik Spoelstra is staying in South Beach long-term. That is after he signed a multi-year extension with the team, as announced Tuesday.

While financial details about the deal haven't been revealed, the extension–which is for eight years, according to Tim Reynolds of Associated Press–reportedly makes him one of the best-paid head coaches in the NBA.

“Miami Heat's Erik Spoelstra – a two-time NBA champion and top-20 in all-time coaching wins – is signing a new contract extension with the franchise that makes him one of the top paid head coaches,” Shams Charania of The Athletic wrote on X, formerly Twitter.

Erik Spoelstra's Heat extension

Heat coach Erik Spoelstra with money falling around him

For what it's worth, based on ClutchPoints' previous report, Erik Spoelstra is already among the highest-paid coaches in the league. He is believed to be making $8.5 million per year annually in his previous deal.

With the extension, a significant bump from his previous pay is expected. Steve Kerr is making $9.5 million per year with the Golden State Warriors, while Monty Williams and Gregg Popovich are at $13 million and $16 million, respectively.

It remains to be seen where Spoelstra's new deal puts him along the other top-paid coaches, but it's definitely a well-deserved extension.

While Spoelstra has yet to win an NBA title ever since the Big 3 era led by LeBron James, Dwyane Wade and Chris Bosh, the Heat have been consistent playoff contenders under his tutelage. They have also often exceeded expectations, with the 2022-23 season a big proof of that. Miami made it to the NBA Finals last campaign despite being the eighth seed in the tough Eastern Conference.

Congratulations, Spo!