LINCOLN, Neb. – 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.
If Hoiberg is terminated, the University owes him the remainder of his contract plus all retention bonuses.