Oregon State athletic director Scott Barnes signed a revised contract Oct. 1 that extends his deal with the school through 2030.
The extended contract added three years and additional money that goes into a supplement retirement account. The value of Barnes’ new deal, including base salary and supplemental retirement pay, is worth approximately $8 million, plus various bonuses, through 2030.
The contract was signed by Barnes, 61, and OSU president Jayathi Murthy one day before Barnes announced to his staff that he was staying at Oregon State. Barnes’ name had been mentioned as a candidate for the then-vacant University of Washington AD’s job. Barnes said he had a conversation with UW, where he worked as an associate AD from 2005-08, but declined to pursue.
Barnes was hired as Oregon State’s athletic director in December 2016. Among his signature accomplishments are overseeing a $161 million remodel of Reser Stadium and hiring football coach Jonathan Smith.
Murthy told The Oregonian/OregonLive in a statement that additional incentives and increases to the supplemental retirement contributions in the new contract are paid through private funds.
The contract also includes language specific to Oregon State’s current conference realignment issues, insulating Barnes if future conference moves cause a decline in the athletics budget and resources.
“Scott Barnes is one of the most influential and highly regarded athletic directors in the nation. He is uniquely qualified to champion the interest of OSU student-athletes, coaches and staff and the University’s mission in this period of conference realignment, which is expected to continue for a number of years,” Murthy wrote in a statement.
At the outset of the contract, it states that among reasons for revisions that OSU is “facing an unprecedented and potentially destabilizing event” with the Pac-12 losing 10 of its 12 schools, and that Barnes is “uniquely qualified to protect the interests of university student athletes.”
It also says that Barnes “has made significant contributions to develop and strengthen (OSU’s) intercollegiate athletic program during his tenure.”
Barnes will be paid an annual base salary of $928,836 each year until the contract expires June 30, 2030. In addition, Barnes receives monthly contributions to supplemental retirement plan and qualified governmental excess benefit that increase the annual package each year.
The combined compensation for 2023-24 is $1,114,980. The annual amount increases approximately 2.7% each year through 2030, when the combined compensation is $1,311,960. Supplemental retirement pay was increased by $100,000 annually over the previous contract.
Barnes is also eligible for 19 various bonuses, ranging from $5,000 to $25,000, for items such as football and basketball postseason achievements, fundraising incentive and meeting academic and budgetary goals.
In addition, Barnes received a $100,000 signing bonus with the new contract. Barnes is eligible for two retention bonuses, one of $300,000 on June 30, 2027, and $225,000 at contract’s end, provided he continuously remains in his current position.
There is a provision for forgiving any tax loans, capped at $225,000, if Barnes remains in his position through Jan. 31, 2029, or is terminated without cause. It is not known if Barnes has received any tax loans from Oregon State.
If Barnes leaves Oregon State by his choosing at any point before June 30, 2029, he would owe a substantial penalty. The buyouts are $1.5 million through June 30, 2024, reduced to $1.25 million through the same date in 2025, $950,000 in 2026, $650,000 in 2027, and $350,000 in 2028 or 2029.
The buyout is cut in half if Barnes resigns after June 30, 2027 and there is a change of president.
A section was added to Barnes’ new deal that pertains to his duties regarding conference realignment. Among the bullet points are developing and implement a staff retention plan, and updating the five-year financial plan that includes an operating budget and a fundraising and capital plan.
The new contract states that Barnes’ base salary will not be reduced if “projected or actual revenues is due to athletic conference realignment.”
A clause in Barnes’ previous contract was updated to say that he and the university have an exclusive negotiation period during April, May and June of 2027 should he seek another extension.
--Nick Daschel | @nickdaschel
MORE BEAVERS COVERAGE
- News | Newsletter | Facebook | YouTube | Podcast | Insider Texts
- Support local journalism with a subscription to OregonLive
- Contact Nick Daschel at ndaschel@oregonian.com