Men's basketball head coach Tom Crean agreed to a contract extension to keep him with Indiana through the 2019-20 season.
Indiana athletics director Fred Glass brought the sold-out crowd at Assembly Hall in Bloomington, Ind., to its feet Friday night with the announcement before the team kicked off its season.
”It reminded me a lot of the political theater I used to be part of,” Glass told The Associated Press at halftime. ”They did enjoy it, and he deserves it. He’s done a great job.”
After winning just 28 games in his first three seasons in Bloomington, the Hoosiers went 27-9 in a magical 2011-12 season that put the program back on the national map. The Hoosiers reached the regional semifinals for the first time in a decade, and with all five starters back from the tournament run, Indiana earned the No. 1 ranking in the preseason poll for the first time in 33 years.
Glass didn’t give an exact timeline for how the deal came together.
But with Crean getting a salary increase of more than $500,000, it didn’t take long to work out the details.
Crean’s base salary will increase from approximately $2.52 million per year to $3.16 million. The deal also includes performance bonuses based on Academic Progress Rate scores, Graduation Success Rate scores and the team’s GPA. If all standards are met, Crean’s salary could increase by as much as $55,000 per year.
The buyout, Glass said, would cost $8 million during the next three years. Then it drops to $1 million in Year 4 and drops again to $500,000 over the final four years of the deal.
School officials said additional contract details will be announced when the deal is formally signed.
”I think it demonstrates we feel confident in him,” Glass said. ”We wanted him to stay, and I think we’ll have more continuity as we move forward.”