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Penn State released the contract details for new head men’s basketball coach Mike Rhoades on Wednesday.
According to multiple reports, the university has signed Rhoades to a 7-year deal worth $25.9 million over its lifetime. His guaranteed salary in the first year of the deal begins at $3.4 million and increases by $100,000 each year thereafter to $4 million for the final year of the deal.
The Athletic’s Audrey Snyder reported that Rhoades’ deal includes a $15 million buyout for his first season and then drops by $3 million each of the next 4 years. In Year 6 of his deal, the buyout moves from $3 million to $1.5 million.
Other details of the contract include:
- Max bonus incentive payout of $1.075 million per year
- $100,000 bonus for an NCAA Tournament appearance and an additional $75,000 for each tournament win
- $50,000 bonus for a Big Ten championship
- A stipend of 2 vehicles
- 25 hours of personal use on a private aircraft per year
Guaranteed compensation for Mike Rhoades as well as buyout figures and incentives pic.twitter.com/Xn0fLrk5JY
— Audrey Snyder (@audsnyder4) March 29, 2023
Penn State is expected to be introduced as Penn State’s next head coach at a news conference on Thursday. He was hired on Wednesday after 6 seasons coaching VCU, during which he went 129-61 and led the Rams to 3 NCAA Tournament appearances.
Per the terms of his VCU contract, Rhoades will also have to make a return trip to Richmond. According to The New York Times, VCU includes a “reunion clause” in their head coaching contracts that stipulate a coach schedule a home-and-home with VCU and his new team should he leave for another coaching job.
Derek Peterson does a bit of everything, not unlike Taysom Hill. He has covered Oklahoma, Nebraska, the Pac-12, and now delivers CFB-wide content.