Butler's extension is worth $184 million and includes a player option in the 2022–23 season.
Heat guard Jimmy Butler signed a four-year, $184 million contract extension, the team announced on Saturday.
Butler, 31, will be locked into the deal through the 2025–26 season, which also includes a player option, per ESPN's Adrian Wojnarowski. The five-time NBA All-Star will play the upcoming season with the same contract from his previous deal and begin his contract extension in the 2022-23 season that includes a $37.6 million player option.
Butler's contract extension was a focal piece of Miami offseason plans as the franchise looks to get back to the NBA finals for the second time in three years next season. In the first year of his new deal, Butler will earn $41.6 million, followed by $44.9 million, $48.3 million and $51.6 million in the 2025-26 season.
Pat Riley, the team's president, said Butler is the "anchor" and the face of the franchise.
"With Jimmy, we get an All-NBA player, an All-NBA Defensive player, tough as nails and a complete player across the board," Riley said.
"He’s very deserving of this contract as he continually puts himself at the top of the league at his position," Riley added. "Having him in the HEAT organization has been a great, great coup for us.”
The Heat recently signed Kyle Lowry—a close friend to Butler—on a three-year, $90 million deal. Miami also signed P.J. Tucker in free agency.
Butler, Lowry and Tucker will be playing with a Heat core that includes All-Star power forward and center Bam Adebayo, Duncan Robinson, Tyler Herro as well as two-time All-Star Victor Oladipo. Last season, Butler averaged 21.5 points, 6.9 rebounds and 7.1 assists during the regular season.
Butler called it a "blessing" to be able to play for the Heat.
"This is the place for me… It’s a blessing to be able to represent this organization, to play alongside these guys and for Coach Spo and Coach Pat," Butler said. “I’m excited about this upcoming season… Good players find a way to play good basketball. We have a lot of those types of guys on this team.
“They allow me to be me here. They love who I am as a person and a player.”
In the playoffs, Butler's numbers dropped as he averaged 14.5 points, 7.4 rebounds and 7.0 assists in four games.
During the 2020 postseason in the Bubble, Butler played exceptionally well, averaging 22.2 points, 6.0 assists and 4.3 rebounds in Miami's run to the NBA Finals against the Lakers.
Since joining the Heat off of a sign-and-trade deal from the 76ers two years ago, Butler has finished on the league's third-team All-NBA while also finishing on the NBA's second-team All-Defensive team for the fifth time in his career last season.
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