Little Pitino has taken over for some pretty big names as he moves up the coaching ranks. First Isiah Thomas at FIU, and now Tubby Smith at Minnesota, where he was officially introduced today. Pitino has a six-year deal, and we've published his full and finalized contract below. Let's dive into the details.
• Pitino's salary annual salary starts at $1.2 million. This is broken down into a base salary of $500,000, which will go up by at least five percent every year, and "supplemental compensation" of $700,000 per year, which will remain constant. What the hell is supplemental compensation?
This sum is in recognition of Coach’s efforts on behalf of the University for media, fundraising, community involvement, endorsements, and apparel, shoes, and equipment arrangements.
• BONUSES! A national championship: $100k. Final Four appearance: $50k. Sweet 16: $50k. Big Ten regular season championship: $50k. Big Ten Tournament championship: $25k. A winning record in conference play: $50k.
Pitino also stands to collect bonuses for his teams' APR and GPAs, as well as individual coach of the year honors.
• If Pitino is still coach on April 30, 2016, he will receive a $400,000 bonus. If he makes it to 2019, he gets another $400,000.
• Pitino gets 10 season tickets to men's basketball, six season tickets to football, and four to hockey. He will receive up to 20 tickets to Big Ten Tournament and NCAA Tournament games. His assistants will receive their own separate allotments.
• Coach gets a car! He also gets use of a private jet, but only for approved university business, and he cannot use it for more than $50,000 worth of flights in a year.
With Pitino's star on the rise, Minnesota has protected itself nicely with the included buyout clause. If Pitino is fired before his six years are up, he's entitled to half his base salary, and all his supplemental compensation. But, as soon as Pitino takes another "comparable job," Minnesota's buyout payments will cease.
Here's the full contract: