LINCOLN — Fred Hoiberg’s contract features a few wrinkles, including big bonuses the longer he stays at Nebraska.
Though the seven-year deal equals $25 million should Hoiberg fulfill the entire contract, his base salary is not $3.57 million, or the annual average. Hoiberg will receive $2.5 million in the first year, $3 million in year two, and $3.5 million in years three through seven.
Stay bonuses will be used to augment Hoiberg’s salary in three different spots. If Hoiberg is still at Nebraska by …
» July 1, 2020 (just 15 months away), he’ll receive a $1 million payment.
» March 31, 2024, he’ll receive a $500,000 payment.
» March 31, 2025, he’ll receive another $500,000 payment.
Hoiberg’s contract also has two sets of buyout figures to account for the possibility he’d take another college or NBA coaching job.
The schedule for what Hoiberg would owe NU if he took another college job:
Year 1: $11.5 million
Year 2: $10.25 million
Year 3: $8.75 million
Year 4: $7 million
Year 5: $5.25 million
Years 6-7: None
The schedule for what Hoiberg would owe NU if he took another coaching job outside of the NCAA, or an executive job related to basketball:
Year 1: $2.5 million
Year 2: $2 million
Year 3: $1.5 million
Year 4: $500,000
Year 5: $250,000
Years 6-7: None
There are performance bonuses built into Hoiberg’s deal with Nebraska. He’ll receive $100,000 for winning a Big Ten regular-season and/or tournament championship. He’ll also get $150,000 for an NCAA tournament appearance, plus the greater of:
» $30,000 for reaching the round of 32.
» $40,000 for reaching the Sweet 16.
» $55,000 for reaching the Elite Eight.
» $75,000 for reaching the Final Four.
» $300,000 for winning a national championship.
Also included in the terms of Hoiberg’s contract is a $1 million salary pool for assistants. Nebraska has confirmed one assistant hire so far, Matt Abdelmassih, and he will make an annual salary of $380,000.
The assistants will also get performance-based bonuses, including a bonus of 15% of the coach’s salary for a Big Ten championship, plus the greatest amount of:
» 10% of salary for an NCAA tournament appearance.
» 15% of salary for reaching the Sweet 16.
» 20% of salary for reaching the Final Four.
» 25% of salary for winning a national championship.