Numbers from Rutgers Hoops HC Steve Pikiell's contact extension
Recently the Rutgers Board of Governors met to vote on and approve the contract extension of Rutgers basketball's head coach Steve Pikiell to keep him as the head coach through the 2025-2026 season.
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Here is a quick look at the details within the extension, thanks to an OPRA request submitted through the university.
ADDITIONAL GUARANTEED COMPENSATION:
April 1, 2024 through March 31st, 2025: $2,950,000
April 1, 2025 through March 31st, 2026: $3,200,000
2025 RETENTION BONUS:
"If Head Coach remains continuously employed with the University as the Head Coach fo the MEn’s Basketball team until July 1, 2025, University shall provide a retention bonus (the “2025 Retention Bonus”) to Head Coach as supplemental compensation within thirty (30) days following July 1, 2025 in the amount of $300,000. The 2025 Retention Bonus shall be forfeited in its entirety (and Head Coach shall have no right or expectation to the 2025 bonus) if Head Coach’s employment terminates for any reason prior to July 1, 2025."
IN THE EVENT TERMINATION OCCURS....
In the event termination occurs between April 1, 2020 - March 31, 2021: $5,000,000
In the event termination occurs between April 1, 2021 - March 31, 2022: $4,000,000
In the event termination occurs between April 1, 2022 - March 31, 2023: $3,000,000
In the event termination occurs between April 1, 2023 - March 31, 2024: $2,000,000
In the event termination occurs between April 1, 2024 - March 31, 2025: $1,000,000
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