Recently, Mikal Bridges signed a four-year $150 million extension with the New York Knicks. Miami Heat guard Tyler Herro is eligible for a three-year $150 million extension in October. While Herro likely won't receive the full amount, he is reportedly seeking a deal worth over $40 million annually. Currently, Herro has two years left on his four-year $120 million contract.
Bridges' deal equates to $37.5 million annually, which should set a clear standard for the Heat when discussing talks with Herro. It's worth noting that Bridges took a slight discount. While Herro would be giving up more money Bridges' contract gives the Heat a compairson to negotiate with.
Herro and Bridges have different playstyles but similar value
Undoubtedly, Herro and Bridges have significantly different playstyles. Nevertheless, they are in the same tier of players, and paying Herro significantly more than Bridges would be a mistake for the Heat. Luckily, Bridges' contract gives the Heat some leverage while negotiating with Herro. Giving Herro a similar contract to Bridges would be a nice raise for the 25-year-old guard while the Heat wouldn't be overpaying for his services.
Herro is a more gifted scorer and playmaker than Bridges. He is coming off a season where he made his first All-Star team, averaging 23.9 points and 5.5 assists. However, Herro is one of the league's worst defenders, whereas Bridges offers immense two-way value. As a result, there's a strong argument that Bridges is the more complete and valuable player. Similarly, on a championship-level team, Herro is best suited to be a complementary option like Bridges.
The Knicks are also far closer to winning a title than the Heat, so locking up Bridges regardless of the price should have been a bigger priority. Bridges' deal is far from an overpay in the modern NBA. However, the contract Herro is eligible for certainly would be an overpay. This is especially true given how it could hamper the Heat from making other moves to inch closer to contention. The Heat have reportedly been eyeing the summer of 2027 to make a big splash in free agency. If they pay too much for Herro, this would be hard to do.
Still, as noted, Bridges' deal sets the standard, and Herro's contract will likely look something similar. While a contract that exceeds $40 million would be a bit of overpay for Herro given his defensive deficiencies, the mid to high $30 million range doesn't look as bad. Ultimately, in a copycat league, expect the Heat to replicate something similar to Bridges' deal when extending Herro.