$120 Million Erik Spoelstra Contract Leaves Michael Jordan’s Eye-Watering Career Salary in the Dust

The Miami Heat just signed one of its most expensive contracts currently. And it’s not even for the team’s highest-paid player, Jimmy Butler. Reports confirm that the franchise and head coach, Erik Spoelstra have reached an agreement over the latter’s contract extension. The new deal is reportedly worth $120 million for eight years. This contract doesn’t just put Spoelstra squarely among the highest-paid head coaches in NBA history, it also blows some player salaries out of the water. His eight-year contract will earn him more than Michael Jordan earned in an entire 15-season career in the NBA.

Discounting the $2.4 billion merely from Nike and his other partnerships, Michael Jordan has earned $90 million playing for the Chicago Bulls, three-peating twice, and with two semi-retirements in the mix. After he renegotiated his rookie contract, it was ranked among the most expensive contracts in NBA history with adjusting for inflation, something the current class of players only manage with supermax contracts. His salary surpassed then highest-paid player, Magic Johnson, but neither had contracts comparable to Erik Spoelstra’s.

As per his new contract, Spoelstra is expected to earn about $10 million per season, an upgrade from his previous $8.5 million annual salary. It is bigger than Monty Williams’ recent contract with the Detroit Pistons worth $78.5 million for six years. The highest-paid coach until recently was San Antonio Spurs’ Gregg Popovich with $80 million across five years.

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MJ was the first NBA player to sign a contract worth over $30 million. He held the record for the highest single-season contracts in NBA history till Stephen Curry broke it with his single-season earnings. But no one’s reached the Black Cat’s sneaker empire which, coincidentally, is what he has in common with Erik Spoelstra.

Erik Spoelstra’s Air Jordan connection

His father, Jon Spoelstra, was an NBA executive since the Jordan era. It’s probably why Erik grew up obsessed with the Air Jordan, both the shoe and the namesake.

Coach Spoelstra has been collecting Air Jordans for so long, he’s lost count. He apparently has them in every color and variety. The 53-year-old doesn’t hide it in some Jumpman shrine in his home either. In fact, he flaunts a new Air Jordan on his feet at every Heat practice probably making his players jealous.

Jimmy Butler showed his envy once by saying, “His [Spoelstra] Jordan collection is really up there,” Butler once said. “He comes in with a different pair of J’s every day. I’m really impressed.”

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Heat’s Derrick Jones Jr. has his own Air Jordan collection to show off. But even he admitted their coach’s collection is better than his. With a new contract, Spoelstra could add more to his collection for as long as he stays in Miami.