Miami confirmed Monday that Richardson and the team agreed to a "multi-year extension," sharing a photo of the guard signing the contract:
On Sept. 13, Adrian Wojnarowski of ESPN reported the Heat and Richardson were finalizing a four-year contract extension worth $42 million. According to Spotrac, Richardson was previously set to be a restricted free agent in 2018.
Bobby Marks of ESPN praised the Heat for securing Richardson before next summer: "Smart move by Miami locking up Josh Richardson. The Heat could not afford to get in a bidding war next summer based on their current salary."
Richardson has been with the Heat throughout his short NBA career. They drafted him in the second round in 2015 out of Tennessee, and he appeared in 52 games as a rookie and 53 games last season.
He averaged 10.2 points, 3.2 rebounds, 2.6 assists and 1.1 steals per game in 2016-17—all improvements on his averages from his rookie campaign. He is also a 37.4 percent shooter from three-point range in his career and gives Miami someone who can take advantage of open looks when opposing defenders collapse on Hassan Whiteside down low.
Richardson will now look to help usher in a new era of Heat basketball alongside Whiteside, Justise Winslow and Goran Dragic after they failed to make the playoffs last season with Dwyane Wade no longer around.