Tyler Herro is eligible to sign a contract extension this offseason, but the Miami Heat are in no rush to lock up the 2019 13th overall pick, according to Ira Winderman of the South Florida Sun-Sentinel:
"Keep in mind that if the Heat wait on an extension, it means Tyler Herro remains trade eligible at any point during the season, potentially a chip to put in play at the February NBA trading deadline. The risk is losing Tyler as a restricted free agent next summer. But that also almost never happens, as evidenced this summer with the Suns and Deandre Ayton. Either way, it appears it will be a decision that will come much closer to the Oct. 18 extension deadline. There simply is no urgency from the Heat’s perspective at the moment."
The Heat can offer Herro a five-year deal worth up to $188 million, or they can sign him to a four-year contract worth less than the maximum extension.
It's no surprise Miami appears to be hesitant to extend Herro's contract at this point. The franchise views him as a valuable trade asset who could help it reel in a new superstar to South Beach.
The 22-year-old has been heavily included in trade rumors this summer, most notably in packages for Kevin Durant or Donovan Mitchell, but he didn't seem fazed by the reports while speaking with reporters earlier this week during an appearance for his foundation in Miami.
"I mean, ever since I’ve been here, my name has been in rumors. So rumors, they don’t bother me," Herro said. "Whether I’m on the Heat or somewhere else, I’m getting ready for the season."
Despite the rumors and reported lack of urgency, Bleacher Report's Jake Fischer said on July 19 that there is "optimism" among NBA executives that Herro and Miami will agree to an extension ahead of the 2022-23 season.
"They always seem to pay their guys," one assistant general manager told Fischer at the time.
Herro has been a staple in the Miami lineup since being drafted out of Kentucky in 2019 and is coming off his best season in the NBA in 2021-22. The reigning Sixth Man of the Year averaged 20.7 points, 5.0 rebounds and 4.0 assists in 66 games while shooting 44.7 percent from the floor and 39.9 percent from deep.
The Heat are scheduled to open the 2022-23 season on Oct. 19 against the Chicago Bulls. The franchise has until the Oct. 18 extension deadline to lock him up.