Miami Heat head coach Erik Spoelstra has agreed to a lucrative multi-year extension that will make him the highest-paid coach in the NBA.

It is an eight-year, $120 million extension, according to ESPN’s Adrian Wojnarowski. It is the most money ever committed to a coach in American professional sports history.

The 53-year-old Spoelstra is regarded by many as the best coach in the NBA, and his new extension surpasses hefty deals signed by San Antonio’s Gregg Popovich (five years, $80 million) and Detroit’s Monty Williams (six years, $78.5 million). 

Spoelstra, who is a two-time NBA champion and in the top-20 all-time in career wins, has led Miami to the NBA Finals six times in 15 years as the Heat’s head coach. He has steered Miami into one of the most successful and consistent NBA teams after succeeding Heat legend Pat Riley in 2008.

Spoelstra led Miami to the NBA Finals last season as a No. 8 seed. The Heat advanced to the Eastern Conference Finals in three of the last four years.

Despite missing key players throughout this season, the Heat are currently 21-15, which is tied for the fifth-best record in a tight Eastern Conference.

With this new deal, Spoelstra and Miami are committed to each other for years to come and can focus on trying to hang additional banners in Kaseya Center.