KFOR news partner 10/11 NOW reports a $150,000 bonus for making the NCAA Tournament and a $1 million retention bonus are a few of the highlights from new Nebraska basketball head coach Fred Hoiberg’s contract, which was released by the university on Friday.
Hoiberg, who was officially introduced as the Huskers coach on Tuesday, will make $2.5 million in year 1 of his seven-year contract, $3 million in year 2, and $3.5 million in years 3-7.
If Hoiberg is able to make the NCAA tournament, he will receive a $150,000 bonus. He would then receive additional bonuses for each win in the tournament, maxing out at $300,000 if the Huskers win the national title.
The contract is also full of retention bonuses. If Hoiberg is still employed by the Huskers in 2020, he will get a $1 million bonus. He would also earn a $500,000 bonus if he stays until 2024, and an addition $500,000 in 2025.
If Hoiberg were to resign within his first five years for another Division 1 job, he would owe substantial buyouts, maxing at $11.5 million in year 1, and dropping to $5.25 million in year 5.