Gophers men’s basketball coach Tubby Smith’s three-year contract extension includes more incentives, a large buyout and a clause that states he can’t be fired midseason.
The University of Minnesota released the terms of the deal Friday, nearly two weeks after the extension was announced.
Smith will receive a $600,000 base salary, and his 5 percent annual raise will continue. An additional $1.2 million in recognition of duties like fundraising, community involvement and endorsements, bumps Smith’s annual income to just less than $2 million before incentive pay.
The University placed special emphasis on next year, stating the two parties “shall review and discuss the terms of this agreement” again at the end of the 2012-13 season.
Smith’s buyout max was raised from $1.5 million to $2.5 million, and a new clause states the University can’t fire Smith midseason. If it chooses to buyout Smith, it will have to pay half of his base salary and supplemental pay for each of the remaining seasons on the contract, up to $2.5 million.
Smith’s contract comes loaded with incentives. He is automatically extended one year if his team wins a Big Ten regular season championship, a Big Ten tournament or reaches the NCAA Sweet 16.
Many of the bonuses in Smith’s contract are higher than those in his previous contract. He’ll receive $250,000 if the Gophers win the Big Ten tournament, up from $100,000 in his original deal.
He’ll receive $250,000 if Minnesota wins the regular season Big Ten title, $100,000 just for getting into the NCAA Tournament and $1.5 million for winning the national title.
UMN students have traveled to Florida colleges to collaborate with students on various projects.
When UMN students plan for a vacation, having trip cancellation travel insurance is a worthwhile commodity to check out.
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