Grading the extension: Heat lock up Pelle Larsson to new four-year deal

Pelle Larsson isn’t going anywhere.

The Miami Heat locked up the third-year guard to a four-year, $60 million extension on Friday. Larsson was the Heat’s only extension-eligible player this summer, so let’s not waste any more time and grade the deal!

Grading Pelle Larsson’s four-year extension with the Miami Heat:

The Miami Heat had until opening night to sign Larsson, who was entering the final year of his rookie contract with a $2.3 million cap hit. He not only exceeded expectations last year — he shattered them.

Larsson became a regularly featured starter amid myriad injuries, starting in 54 of his 70 contests. He averaged 11.4 points, 3.5 rebounds and 3.4 assists on 49.6 percent shooting and 60.5 percent true shooting. He’s been one of the Heat’s most consistently impactful presences, especially on defense.

Now, Larsson, 25, is on a brand new deal — starting in 2027-28. His starting salary will be $13.5 million, roughly 7.6 percent of next year’s projected cap, with $14.5M, $15.5M and $16.6M cap hits each of the next three seasons, respectively. The final year will be a mutual option, essentially giving both sides an out if this partnership doesn’t work out.

I have a hard time believing it won’t, however.

If Larsson getting hit in the face 53 times — that’s a real stat — in a single season doesn’t exude #HEATCulture™, I am not sure what will. He’s a very good defender who can assume a team’s best guard or wing; I’m a buyer in his shot eventually coming around, especially since he shot nearly 80 percent from the free-throw line last year; he’s a good connective playmaker and ballhandler; he’s one of the Heat’s most physically strong players. Larsson holds his ground with a good center of gravity on defense, and he frequently dislodges players when he barrels his shoulder into their chest offensively.

Larsson is the quintessential “stats don’t tell the whole story about his impact,” player. And even his numbers suggest he’s only getting better, albeit over just a two-year sample. Growth isn’t linear. But to me, $60 million for a role player of his caliber is a bargain. That price tag nowadays is given to players projected to be the ~5th-6th player on a good team. You could make a legitimate case that Larsson is the 4th or 5th best right now, and there’s a world where he outkicks his coverage and becomes their third-best.

Consider this a home run for the Heat, who have an interesting cap sheet over the next 3-4 years.

Grade: A

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