Master P's son, Hercy Miller, isn't wasting any time ... 'cause the incoming college freshman hoops star tells us he JUST signed a multi-million dollar deal.
TMZ Sports caught up with P and 19-year-old Hercy in Beverly Hills ... a day after the NCAA announced they'll allow athletes to make dough off their image and likeness.
"It was a 2 million dollar deal. It's incredible. This is gonna change the way college athletes want to stay in school," P says.
Remember, a few months back Master P told us he lined up this deal .