Penn State releases contract details for new head coach Mike Rhoades
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.