Numbers from Rutgers Hoops HC Steve Pikiell's contact extension
Recently the Rutgers Board of Governors met together on Thursday afternoon virtually to vote on and approve another new contract extension for Rutgers Men's Basketball Head Coach Steve Pikiell to keep him in charge of the program through 2030-2031 season.
Here is a quick look at the details within the extension according to Brian Fonseca of NJ.com.
NO NEW MONEY, BUT A NEW YEAR....
While Pikiell didn't receive a raise on his contract, he did receive a retention bonus, which we will talk about later, along with a new year added to his contract making him the head coach through the 2030-2031 season.
The numbers are as follows...
2023-24: $3.25 million
2024-25: $3.5 million
2025-25: $3.75 million
2026-27: $3.85 million
2027-28: $3.95 million
2028-29: $4.05 million
2029-30: $4.15 million
20230-31: $4.25 million
NEW RETENTION BONUS....
-- Pikiell will now receive a new $300k retention bonus effective July 1st 2023 and will carry over into the following years (2023, 2024, 2025, 2027, 2029) as long as he remains as head coach through his current deal which now expires following the 2030-31 season.
BUYOUT AMENDMENT....
The current $15 million buyout was set to drop down to $13 million on April 1st, but with the new amendment that $15 million buyout will now extend one more year through the 2023-24 season and won't decrease to $13 million until April 2024 instead.
The buyout will also decrease another $2 million each season he remains with the Scarlet Knights after that. Dropping down all the way to $1 million in 2030-2031.
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