Last March, Rutgers Gave Miracle Worker Men’s Basketball Coach Steve Pikiel a considerable eextension of his contract It essentially acted as a commitment to him for the rest of his career.
In less than 12 months, the school has shown that: More proof that he wants him for the long haul.
The Rutgers board on Thursday approved a one-year extension to Piquer’s contract, tying the coach to the program through the 2030-31 season. According to Term his sheet obtained by NJ Advance Media, this new deal essentially rolls his current contract over a year, resetting the clock on his current eight-year, $30.8 million contract.
Two notable changes are:
– The current $15 million buyout amount, which was scheduled to be reduced to $13 million on April 1, will be extended through the 2023-24 season. The $2 million annual reduction remains, but won’t begin until April 1, 2024, when the buyout will drop to his $13 million. Essentially, the original acquisition schedule is pushed back for him by a year.
– Added an additional retention bonus of $300,000 at the end of the 2023-24 season, bringing it to five over the next seven years. Pikiell will receive a $300,000 retention bonus on July 1 for 2023, 2024, 2025, 2027 and 2029.
It’s not a language contract for life, but it’s another telltale sign. Athletic Director Pat Hobbs We want to continue to reward Pikiel’s success and do what is necessary to keep him at Piscataway. Combined with the fact that Piquer is currently under contract until the age of 63, the Scarlet Knights are well positioned to continue for the rest of his coaching career.
Here are the details of Pikiell’s current deal:
salary: Pikiell did not receive a raise in any of his previous contracts, but added an extra year where he was paid $4.25 million.
- 2023-24: $3.25 million (+ $300,000 maintenance bonus on July 1, 2023)
- 2024-25: $3.5 million (+ $300,000 maintenance bonus on July 1, 2024)
- 2025-26: $3.75 million (+ $300,000 retention bonus on July 1, 2025)
- 2026-27: $3.85 million
- 2027-28: $3.95 million (+ $300,000 maintenance bonus on July 1, 2027)
- 2028-29: $4.05 million
- 2029-30: $4.15 million (+ $300,000 maintenance bonus on July 1, 2029)
- 2030-31: $4.25 million
buyout: The timeline for a buyout from a deal signed last March has effectively been pushed back by a year. We will continue to drastically limit the number of schools that can poach piquille from Rutgers. Piquer’s 2018 contract included a clause that would cut his active buyout in half if Athletic’s director Pat his Hobbs were no longer at Rutgers at some point during the 2024 season. It is worth noting that Changed.
- 2023-24: $15 million
- 2024-25: $13 million
- 2025-26: $11 million
- 2026-27: $9 million
- 2027-28: $7 million
- 2028-29: $5 million
- 2029-30: $3 million
- 2030-31: $ 1,000,000
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To contact Brian Fonseca: bfonseca@njadvancemedia.com.
