Last March, Rutgers gave its miracle worker men’s basketball coach Steve Pikiell a sizable extension to his contract that essentially served as a commitment to him for the rest of his career.
Less than 12 months later, the school showed more proof that it wants him for the long haul.
The Rutgers Board of Governors on Thursday approved a one-year extension to Pikiell’s contract, tying the coach to the program through the 2030-31 season. The new deal essentially rolls the current contract over a year, resetting the clock on what is now an eight-year, $30.8 million deal, according to a term sheet obtained by NJ Advance Media.
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The two notable changes:
- The current $15 million buyout figure, which was scheduled to drop to $13 million on April 1, will now stretch through the 2023-24 season. The annual decrease of $2 million remains, but it will not commence until April 1, 2024, when the buyout drops to $13 million. In essence, the original buyout timeline is pushed back a year.
- An extra retention bonus of $300,000 was added at the end of the 2023-24 season, making it five over the next seven years. Pikiell is now due a $300,000 retention bonus on July 1 of 2023, 2024, 2025, 2027 and 2029.
While it is not a lifetime contract in language, it is another clear sign that athletic director Pat Hobbs is willing to continue rewarding Pikiell’s success and do what it takes to keep him in Piscataway — even if it means renewing his contract on a yearly basis. Combined with the fact that Pikiell is now under contract until he is 63 years old, the Scarlet Knights are in position to keep him around for the rest of his coaching career.
Here are the details of Pikiell’s current contract:
Salary: Pikiell did not receive a raise on any of the years on his previous deal, but he did add an extra year in which he will be paid $4.25 million.
- 2023-24: $3.25 million (+ $300,000 retention bonus on July 1, 2023)
- 2024-25: $3.5 million (+ $300,000 retention 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 retention bonus on July 1, 2027)
- 2028-29: $4.05 million
- 2029-30: $4.15 million (+ $300,000 retention bonus on July 1, 2029)
- 2030-31: $4.25 million
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Buyout: The buyout timeline from the deal he signed last March has effectively been pushed back a year. It will continue to significantly limit the number of schools that could conceivably make a play to poach Pikiell from Rutgers. It is worth noting that Pikiell’s 2018 deal included a clause that would cut any active buyout in half if athletics director Pat Hobbs was no longer at Rutgers at any point through the 2024 season, and there has been no indication in subsequent contract amendments that that clause has 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 million
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Brian Fonseca may be reached at bfonseca@njadvancemedia.com.