Sources - Heat extend Erik Spoelstra on record 8-year, $120M deal - ESPN

Miami Heat coach Erik Spoelstra has agreed on an eight-year contract extension worth more than $120 million, the most committed money in North American coaching history, sources told ESPN on Tuesday night.

Spoelstra, 53, has established himself as one of the most respected and successful coaches in professional sports and the new deal reflects both his and the organization's desire to keep him within the only franchise he's ever worked in the NBA.

Spoelstra — who has won two championships and reached the NBA Finals six different times — is the second highest-paid coach annually in the NBA behind Gregg Popovich's $19 million per season, but the length of Spoelstra's deal separates him financially from his peers, sources said.

Miami is tied for fifth place in the Eastern Conference with a 21-15 record despite a revolving door of injuries to key players all season long.

Spoelstra has been Miami's coach since 2008, when he was appointed to replace Hall of Famer Pat Riley. Since then, he's become one of 14 coaches in NBA history to win two titles. As an eighth seed last season, the Heat made a remarkable run through the Eastern Conference playoffs to eventually lose to the Denver Nuggets in the NBA Finals.

He trails only Popovich in terms of tenure with a single franchise and is third behind Popovich and Indiana Pacers coach Rick Carlisle among active coaches in games won (704).

Those 704 victories rank Spoelstra 20th among all coaches. He's fifth all-time with 109 playoff victories, trailing only Popovich among active coaches.

Spoelstra has only ever worked for the Heat, beginning with the franchise in 1995 as a video coordinator under Riley. Over the next 13 years, Spoelstra rose up through the ranks to become Riley's