Gophers men's basketball coach Tubby Smith will get a small boost in supplemental income, and his buyout increased to $2.5 million.
The University of Minnesota's contract extension with basketball coach Tubby Smith will give him a small increase in supplemental income and will increase the buyout for firing him to $2.5 million, according to terms released Friday by the university.
Also under the amended deal, the university is prevented from firing Smith midseason, a new addition. That clause and the change to the buyout price were aspects with which new athletic director Norwood Teague was heavily involved.
The university also added a clause stating the parties "shall review and discuss the terms of this agreement" again at the end of the 2012-13 season. The extension, which added three years to his deal that previously ran through the 2013-14 season and now goes through 2016-17, was announced July 23.
"We don't take contracts like this lightly, and we put a lot of effort into getting them right. I feel very good about this," Teague said of the extension, which has been in the works for more than a year.
A few highlights of the terms that have changed since Smith's initial contract was agreed to in 2007:
•Salary: His base salary remained the same -- originally $600,000 per year with annual 5 percent increases, meaning he will actually be making roughly $765,000 in base salary for 2012-13. But his supplemental income increased from $1.15 million per year to $1.2 million.
•Buyout: Smith's old buyout was $1.5 million. Under the new deal, Minnesota would have to pay him $2.5 million -- or half the remaining salary he is owed for the rest of the contract if the amount is less than $2.5 million -- for firing him without cause. "I think it's just a balancing act, and I think the university needs some protection, and Tubby needs some good faith there," Teague said about the buyout increase.
•Can't fire him during the season: The university is unable to fire Smith without cause during the season. "When Tubby wanted that, I didn't have a problem with it at all," Teague said. "It was something that was important to him, and it may have been because of [that happening to] somebody else. It's not a big deal. You give and you take and that was one of the things I gave."
•Opportunity to get another extension: Smith's contract automatically would get extended an additional year if the Gophers win the Big Ten regular-season title, win the Big Ten tournament title or make it to the NCAA Sweet 16.
•Incentives: Twelve winning-based incentives were either increased monetarily or added, including a $1.5 million bonus for winning the NCAA tournament (up from $500,000), incentives for various Big Ten finishes and advances in the NCAA tournament. There were also three academic incentives added. "A lot of contracts are being enhanced and really refined on the bonus side of things," Teague said. "If you succeed, you get paid, and if not, you're not going to make as much as you would have made before. It gives both sides protection and incentive for the coach."
|San Diego||12/12/13 7:25 PM|
|Washington||12/15/13 12:00 PM|
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|Cincinnati||12/15/13 7:30 PM|
|Baltimore||12/16/13 7:40 PM|
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