By Edcel Panganiban May 01, 2024 19:18
Steve Sarkisian, the head football coach at the University of Texas, has recently garnered attention due to the approval of a new contract extension that significantly impacts his salary for the year 2024.
Contract Extension Details
The University of Texas System Board of Regents recently approved a raise and contract extension for Steve Sarkisian, making him college football's latest $10 million man.
The approved contract extension boosts his guaranteed salary to an impressive $10.3 million in 2024 and extends his contract through 2030.
Key Points of the Contract Extension
The four-year extension makes Sarkisian one of the highest-paid coaches in the country, and the raises included in the extension represent a 78% overall increase in his guaranteed compensation.
Also, the contract includes annual raises that will push his guaranteed salary to $10.9 million by 2030.On top of that,he's eligible to earn more than $1.5 million in bonuses if the Longhorns win a national championship.
Comparison with Previous Salaries
It is noteworthy that Steve Sarkisian's salary as the head football coach of the University of Texas in 2021 was $5.2 million as part of a six-year contract worth a total of $34.2 million. While the exact salary for 2023 is not specified, it is essential to note that coaching contracts often include annual salary increases.
Hence, his salary for 2023 would have seen incremental growth, potentially surpassing the initial $5.2 million figure, depending on the terms negotiated in his contract.
Buyout Details
In the event that the University of Texas decides to part ways with Sarkisian, they would be liable for 70% of the remaining value of his contract, which includes both base salary and supplemental salary.
This buyout amount would be disbursed in monthly installments, extending until 2026, which would have been the natural expiration date of the contract had he not been let go.
Potential Bonuses
Steve Sarkisian stands to earn various bonuses based on individual and team achievements, with the potential for a total bonus of $825,000. These incentives are structured to reward Sarkisian for exceptional performance and success in coaching the University of Texas football team.
The approval of Steve Sarkisian's contract extension and significant raise not only positions him as one of the highest-paid college football coaches but also signifies the University of Texas's commitment to retaining his leadership.
Steve Sarkisian's salary for 2024 reflects a significant increase from his previous earnings and solidifies his position among the highest-paid college football coaches in the country.
This contract extension not only highlights the financial investment in his coaching abilities but also demonstrates the University of Texas's confidence in his leadership and the potential success of the Longhorns under his guidance.
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