According to a memorandum of understanding provided to the Daily Hoosier by Indiana athletics, new Indiana basketball coach Mike Woodson has a six-year contract worth about $3 million per year in guaranteed income.
Former Ohio State coach Thad Matta, who was hired as associate athletic director for basketball administration, also has a six-year contract. In his first year, he will be paid $400,000 and his salary will go up by $25,000 each year he remains employed in the position.
Woodson’s base salary is $550,000 per year. He will make $2.45 million per year in outside, marketing and promotional income. He also gets a $50,000 signing bonus for the purpose of covering moving expenses, a courtesy car, $10,000 per year for the placement of orders for adidas products, license to run a boys basketball camp and retain the net income of that camp, and an array of university benefits including health insurance, season tickets and credentials for his family to football and men’s basketball games, and unlimited use of the Pfau Golf Course and driving range on IU’s campus.
Woodson’s contract includes an extensive bonus structure. He earns $100,000 if the Hoosiers finish in the top three of the Big Ten regular season standings, and $125,000 if Indiana wins at least a share of the Big Ten regular season title. He earns $50,000 if Indiana wins the Big Ten tournament.
Woodson earns $25,000 if the Hoosiers reach the NCAA Tournament, $25,000 if they reach the Round of 32, $35,000 if they reach the Sweet 16, $50,000 if they reach the Elite Eight, $125,000 if they reach the Final Four, $175,000 if they reach the NCAA title game and $250,000 if they win the NCAA title. Those bonuses are cumulative, which would mean a total of $685,000 for an NCAA title, plus whatever the Hoosiers got for their Big Ten finish.
Woodson would also be owed $50,000 if he is named Big Ten Coach of the Year by the Big Ten’s conferences or media, though he would be paid no additional money is he is named Coach of the Year by both entities. He would also be paid $50,000 if he is named Naismith College Coach of the Year, Associated Press College Basketball Coach of the Year or USA Today College Basketball Coach of the Year.
Woodson would be owed $100,000 if the basketball team posts a multi-year Academic Progress Rate score of 950 or better, though he would not be eligible for that in his first contract year because it would reflect work done under Archie Miller’s tenure.
If Woodson’s employment is terminated without cause prior to April 1, 2025, which would be after four seasons as head coach, he would be owed 100 percent of his remaining salary. If terminated after that date, he would be owed 50 percent of his salary. If he were to resign to take another basketball job before March 31, 2024, he would owe Indiana one year of his salary. If he left after that, he would owe Indiana $500,000.
Matta would be owed a bonus of one month’s salary if Indiana reaches the NCAA Tournament, another month’s salary if it reaches the Sweet 16, another if it reaches the Final Four and another if it wins the NCAA title. As long as he completes two years of employment, he will be granted IU retiree status whenever his employment is terminated, which would allow him to be part of the university’s group health insurance coverage. He would pay his own premiums, but be given $50,000 for help with those premiums.
Matta will receive $15,000 for moving expenses and $2,000 for orders for adidas products.
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