Former Boise State head coach Chris Petersen signed a Memorandum of Understanding with the University of Washington that will make him the highest paid coach amongst the ten public universities in the Pac-12 as of now.
The agreement, which runs through January 31, 2019, calls for Petersen to make $18 million in guarantees. The 49-year-old is set to make $3.2 million in 2014. His guaranteed compensation will increase by $200,000 each year during the length of the contract.
> $3.2 million (December 6, 2013 to January 31, 2015)
> $3.4 million (February 1, 2015 to January 31, 2016)
> $3.6 million (February 1, 2016 to January 31, 2017)
> $3.8 million (February 1, 2017 to January 31, 2018)
> $4.0 million (February 1, 2018 to January 31, 2019)
Petersen also has a number of athletic and academic incentive-based bonuses built into his contract.
Incentive compenstation for acheiving athletic performance goals (cumulative except as otherwise provided below):
> Pac-12 Championship Game Appearance = $50K
> Pac-12 Championship = $100K
> Non-CFP Bowl Appearance:
- Alamo or Holiday Bowl = $150K
- Any other non-CFP Bowl = $75K
> CFP Bowl Appearance = $300K
> CFP Semi-Final Game = $400K
> CFP Championship Game Appearance = $450K -OR-
> CFP Championship = $500K
Incentive compenstation for acheiving academic performance goals (Not cumulative):
> APR greater or equal to 950 = $50K
> APR greater or equal to 960 = $75K
> APR greater or equal to 970 = $125K
Other types of benefits and compensation include:
> Season tickets for all Husky sporting events.
> Reimbursement of approved moving expenses. In addition, the University will provide temporary housing for up to ninety days.
> The use of two vehicles for personal and professional use, as laid out by the University’s courtesy car coach program.
The University of Washington also agree to pay Petersen’s $750,000 buyout at Boise State. On top of that, the University will cover up to an additional $500,000 in the event of any tax burden.
According to the terms of his new contract, the University and Petersen agreed to the following buyouts:
After the first year = $3 million
After the second year = $2.5 million
After the third year = $2.5 million
After the fourth year = $1.5 million
> If Petersen were to achieve all the performance bonuses in the final year of his contract, which would include winning the Pac-12 title and National Championship, he could make as much as $5.475 million in 2019.
> Each year, Petersen could earned as much as an additional $1.475 million in academic and athletic performance based bonuses.
> If Petersen achieved every athletic and academic bonus each year throughout the length of his contract, his deal could be worth as much as $25.375 million.
— Jay Tust (Follow on Twitter: @KTVBSportsGuy)