Gophers men’s basketball coach Richard Pitino’s salary terms remain the same in his new contract, but four bonuses totaling $1.7 million were added.
The University of Minnesota announced the one-year extension to Pitino’s deal on Wednesday, and the new contract was posted online Friday. The 34-year-old coach, who will make $1.7 million next season, signed the contract with athletic director Mark Coyle on April 7.
Pitino will receive his first “contract fulfillment incentive” bonus of $250,000 on Aug. 1. The coach now also will receive $250,000 in April 2020, $550,000 in April 2021 and $650,000 in April 2022, if he remains with the program. His previous contract included a $450,000 retention bonus for April 2019.
Pitino gets those bonuses each season as long as his Gophers remain compliant with the NCAA’s Academic Progress Rate (APR).
Pitino, whose team finished 24-10 and reached the NCAA tournament last season, already was under contract through the 2020-21 season. Changes to his deal are pending approval from the Board of Regents, during a meeting set for Friday.
“We do have a way of paying for it within the department of athletics,” U Regents Chairman Dean Johnson said.
“All indications are that it will be approved. It’ll have a good majority vote and show support for coach Pitino and the basketball program.”
In the added season, 2021-22, Pitino is scheduled to make about $1.84 million, plus incentives. But the additional year is not guaranteed. Pitino would not be responsible for a buyout if he left, nor would the U need to pay him a buyout for terminating the final year of his contract.
This season, Pitino made more than $2 million, after incentives and bonuses were reached. He received $125,000 in performance bonuses with the Gophers making the NCAA tournament ($50,000 bonus), finishing with a winning Big Ten record ($50,000) and winning Big Ten Coach of the Year ($25,000).
After an 8-23 season in 2015-16, he had the most improved team in college basketball, with a Big Ten and team record 16-game turnaround and a berth in the NCAA tournament for the first time since 2013.