Newly hired Indiana assistant basketball coach Dane Fife has agreed to a two-year contract that pays him $375,000 per year with an annual retention bonus of $25,000, according to a memorandum of understanding provided to The Daily Hoosier by Indiana athletics.
Though the the tenure of the contract is only two years, one-third the length of head coach Mike Woodson’s, the contract automatically extends every year on June 30, starting on June 30, 2022 unless Fife receives a notice of non-renewal.
Fife also receives $20,000 in moving expenses and $2,000 annually in adidas product.
Fife will be paid a bonus of one-month’s salary if the Hoosiers reach the NCAA Tournament, one-month salary if they reach the Sweet 16, one-month salary if they reach the Final Four and one-month salary if they win the NCAA title.
According to the most recent reports, Fife was making $340,000 annually in his position at Michigan State.