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Contract details revealed for new Indiana basketball coach Mike Woodson
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Hours after Mike Woodson was officially introduced as the next head coach of Indiana’s basketball team, contract details for the new leader emerged.
Indianapolis Star reporter Zach Osterman had the details on Woodson’s deal with Indiana.
Per the report, Woodson and Indiana have agreed to a 6-year deal that will pay him approximately $3 million per year. The buyout for Woodson will be 100% of his remaining contract through the first four years and 50% of the guaranteed compensation for the final two years.
Woodson’s bonus incentives are $100,000 if the Hoosiers finishes in the Top 3 of the B1G, $85,000 for a Sweet 16 appearance and $100,000 if the team’s APR (Academic Progress Rate) score is above 950.
Mike Woodson's initial IU contract will pay him roughly $3 million per year. Six-year deal. #iubb
— Zach Osterman (@ZachOsterman) March 29, 2021
Pretty substantial bonus structure. For example:
>> $100,000 for finishing in the Big Ten's top three.
>> A total of $85,000 in bonuses for a trip to the Sweet Sixteen.
>> $100,000 for an APR score above 950. #iubb— Zach Osterman (@ZachOsterman) March 29, 2021
Indiana made the hire of Woodson official on Sunday night and introduced him as the next head coach on Monday morning. He replaces Archie Miller, who spent four seasons with the program and was fired following a 12-15 campaign in 2020-21.
The Hoosiers have not played an NCAA Tournament game since the 2015-16 season.
Dustin grew up in the heart of Big Ten country and has been in sports media since 2010. He has been covering Big Ten football since 2014. You can follow him on Twitter: @SchutteCFB