Current:Home > NewsN.C. State's stunning ACC men's tournament title could be worth over $5.5 million to coach -Streamline Finance
N.C. State's stunning ACC men's tournament title could be worth over $5.5 million to coach
Poinbank Exchange View
Date:2025-04-10 19:35:57
An NCAA men’s basketball tournament champion won’t be decided for three more weeks, but among coaches and their various performance-incentive provisions, there is already a major winner:
North Carolina State’s Kevin Keatts, who stands to gain more than $5.5 million from his 10th-seeded team’s stunning five-wins-in-five-days run to the Atlantic Coast Conference tournament title that culminated in an 84-76 victory over top-seeded and No. 4-ranked North Carolina on Saturday night in Washington, D.C.
According to Keatts’ contract with N.C. State, winning the ACC tournament results in:
-An automatic two-year contract extension. This means the contract is now scheduled to run for six more years, through April 15, 2030.
-An automatic $400,000 pay increase that begins next season and stays in place for the remainder of the contract.
IT'S BRACKET MADNESS: Enter USA TODAY's NCAA tournament bracket contest for a chance at $1 million prize.
-A $100,000 lump-sum bonus for the ACC tournament championship and an additional lump-sum of at least $10,000 for the team's automatic bid to the NCAA Tournament. (It’s $10,000 if the Wolfpack begin in the First Four or $25,000 if they win a First Four game or begin play in the round of 64. The payment will increase with each subsequent win in the event.)
The contract extension is where the math gets a little more complicated — and a lot more lucrative.
At present, Keatts’ total basic annual compensation is divided into two components: base salary and “supplemental compensation” that he receives as consideration for fundraising work and other personal appearances such as those on local TV and radio shows; his participation in the school’s shoe-and-apparel contract; and allowing the school to use his name, image and likeness for various purposes.
If Keatts were to be fired without cause — that is, for not winning enough — he would receive, as a buyout, an amount equal to the base salary remaining on the contract; he would receive none of the remaining supplemental compensation.
His base salary for this season is just under $1.5 million, and in recent years it has increased annually by a relatively modest amount. (It went up by a little more than $57,000 for this season, or 4%. Any annual increases are determined by the university’s athletics director and chancellor, subject to approval by its governing board).
His supplemental compensation for this season is $1.45 million, and it can increase annually based on team performance, such as an ACC regular season or tournament title and/or an appearance and advancement in the NCAA tournament.
So, assuming another 4% increase in base salary for next season, the two additional contract years that Saturday night’s win will give to Keatts are guaranteed to add at least $3 million to value of the agreement if he is fired without cause.
But if Keatts were to complete the full term of the deal, his pay would be $400,000 greater than it is this season – for each of the remaining six years, or $2.4 million more.
veryGood! (3666)
Related
- A South Texas lawmaker’s 15
- CDC recommends RSV vaccine in late pregnancy to protect newborns
- A Chinese dissident in transit at a Taiwan airport pleads for help in seeking asylum
- UGG Tazz Restock: Where to Buy TikTok's Fave Sold-Out Shoe
- Highlights from Trump’s interview with Time magazine
- Dangerous inmate captured after escaping custody while getting treatment at hospital in St. Louis
- What does Rupert Murdoch's exit mean for Fox News? Not much. Why poison will keep flowing
- Big business, under GOP attack for 'woke' DEI efforts, urges Biden to weigh in
- Federal appeals court upholds $14.25 million fine against Exxon for pollution in Texas
- Biden deal with tribes promises $200M for Columbia River salmon reintroduction
Ranking
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Tropical Storm Ophelia tracker: Follow Ophelia's path towards the mid-Atlantic
- Biden deal with tribes promises $200M for Columbia River salmon reintroduction
- Selena Gomez Hilariously Pokes Fun at Her Relationship Status in TikTok PSA
- Federal hiring is about to get the Trump treatment
- What's Making Us Happy: A guide to your weekend viewing and reading
- Fake emails. Text scams. These are the AI tools that can help protect you.
- Zillow Gone Wild features property listed for $1.5M: 'No, this home isn’t bleacher seats'
Recommendation
Rylee Arnold Shares a Long
Biden administration to ban medical debt from Americans' credit scores
Brazil’s Bolsonaro denies proposing coup to military leaders
Travis Barker’s Son Landon Releases First Song “Friends With Your EX” With Charli D’Amelio Cameo
The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
Lawmakers author proposal to try to cut food waste in half by 2030
Hero or villain? Rupert Murdoch’s exit stirs strong feelings in Britain, where he upended the media
'Potential' tropical storm off Atlantic Ocean could impact NFL Week 3 games