Sports

Rutgers Men's Basketball Coach Approved for $8M Raise, 3 Year Contract Extension

e6ae4235ea6f2a01e70b_best_659328a2b5ab486eaafe_mini_magick20171221-41619-xcb8xq.jpg
e6ae4235ea6f2a01e70b_best_659328a2b5ab486eaafe_mini_magick20171221-41619-xcb8xq.jpg

NEW BRUNSWICK, NJ - Rutgers University officials have signed off on a three-year extension for head men’s basketball coach Steve Pikiell, now set to run through the 2023-2024 season.

The move came at a specially-called Board of Governors meeting on Wednesday afternoon, Jan. 10.

Pikiell’s initial contract was signed in March 2016 and set to run five years, of which he’d be now in year two.

Sign Up for E-News

But his “impressive turnaround while competing in the Big Ten” prompted the extension, according to a university statement.

“Steve is doing a fantastic job and it’s our intent to do everything we can to keep him at Rutgers for a very long time,” said Director of Athletics Pat Hobbs. “There is incredible excitement around our program. We are going to compete with the very best because of Steve’s leadership. Our program could not be in better hands.”

Over the life of his contract, Pikiell is contractually guaranteed $15.05 million. He’ll start out at a base salary of $500,000, and an average compensation of an additional $2.39 million each year.

That’ll be $8 million more that Pikiell will be earning at the end of this new contract, as opposed to the prior one he signed in 2016.

If he’s let go for performance, Rutgers will be on the hook for the full amount of all six seasons, numbering at just over $14 million.

But if Pikiell leaves Rutgers, he’ll have to give the university their money back: $5 million between the 2018-2019, $4 million after 2020, $3 million after 2020-2012, $2 million after 2022 and $1 million after 2022-2023.

Yet Pikiell would end up handing the bill to the new employer, who'd pay back Rutgers.

Within the next month, Pikiell will earn a $100,000 retention bonus, then a $300,000 bonus between July 2020 and another in July 2023.

He could also earn up to $430,000 in annual performance bonuses and $25,000 in annual academic performances, that is $10,000 if the team’s average cumulative GPA is 2.7 or better, and $15,000 of that GPA is 3.0 or better.

Pikiell will have the help of three assistant coaches, to which the university has allocated $800,000 and increases each season of between 3 and 5 percent.

Editor Daniel J. Munoz, dmunoz@tapinto.nettwitter.com/DanielMunoz100

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Montclair

Local Officials Host Essex County Riker Hill Art Park Open Forum

January 19, 2018

LIVINGSTON, NJ — Livingston and Essex County officials were enthusiastic about the outcome of a productive public forum held on Thursday at Livingston Town Hall to gather residents’ input regarding the revitalization of Riker Hill Art Park (RHAP).

As mayor in 2016, current deputy mayor Al Anthony worked hard to receive a commitment from Essex County Executive Joseph DiVincenzo ...

Ocean County Freeholders Firmly Against Drilling Off the New Jersey Coast

January 14, 2018

TOMS RIVER - The Ocean County Board of Freeholders are strongly opposed to a Trump administration plan to expand offshore oil and gas drilling to the waters of nearly every coastal state in the nation..

The proposal by the Trump Administration includes 47 potential lease sales in 25 of the 26 planning areas — 19 sales off the coast of Alaska, seven in the Pacific region, 12 in the Gulf ...

Upcoming Events

Sat, January 20

Scherman Hoffman Wildlife Sanctuary, Bernardsville

NJ Audubon: Volunteer Art Show!

Arts & Entertainment Green

Sat, January 20, 12:30 AM

Clark Public Library, Clark

North Jersey Aquarium Society Monthly Saturday ...

Home & Garden

Sat, January 20, 9:30 AM

Scherman Hoffman Wildlife Sanctuary, Bernardsville

NJ Audubon: Nature-Infused Yoga Winter Series

Green Health & Wellness

Montclair High School Swim Teams Place 2nd at Essex County Championships

January 19, 2018

In their best joint performance in 30 years, the Montclair High School girls and boys swim teams both earned runner up trophies at Monday’s Essex County SEC Championship meet.

The MHS Girls edged out West Orange, winner of last year’s County meet, 160.3 – 155.4, and were close behind first place finisher Columbia at 187.2.  Freshman Devon Muldoon was seeded first, and ...