Heat lock up Larsson on 4-year, $60M extension

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Miami Heat guard Pelle Larsson has agreed to a new four-year, $60 million contract extension, with a mutual option for the 2030-31 season, Austin Brown and Steven Heumann of CAA Sports told ESPN on Friday.

A second-round find in the 2024 draft, the 6-foot-5 guard avoids restricted free agency next summer and locks in a new deal with a mutual option that fully guarantees $60 million while allowing either side to opt-in on 2030.

Larsson has become a foundation piece for the Heat amid their offseason overhaul. He is set to have a major rotation role for Larsson, who averaged 11.4 points per game last season, up nearly 7 points per game from his rookie season. Larsson also ranked fourth-best in offensive efficiency in Miami, per ESPN Research, and fifth in minutes played.

Larsson started 54 of the 70 games he played last season, and ranked in the top-10 in charges drawn last season.

Miami's biggest offseason splash was the acquisition of Giannis Antetokounmpo in a trade that saw a package headlined by Tyler Herro and Jaime Jaquez Jr. going back to Milwaukee. The Heat also signed free agent Klay Thompson after he cleared waivers following a buyout agreement with the Dallas Mavericks.

Miami looks to return to the postseason after missing the playoffs last season for the first time in seven seasons.