Tom Izzo is a legendary figure in the world of college basketball. As the head coach of the Michigan State Spartans, he has built a reputation as one of the most successful coaches in the game’s history. In this article, we’ll take a quick look at Izzo’s contract, salary, net worth, and buyout.
Contract And Salary
According to an August announcement by the university, Michigan State has signed Tom Izzo to a five-year deal valued at $6.2 million per season. This new contract will give him approximately $2 million more each year than his previous contract.
Spartan for Life.
Coach Tom Izzo signs a new contract with Michigan State Basketball. pic.twitter.com/nQ8wfFX51d
— Michigan State Athletics (@MSU_Athletics) August 11, 2022
The contract includes a $2.43 million base salary, $3.09 million in supplemental compensation, $400,000 from Nike, airplane use, and other fringe benefits. This brings Izzo’s total compensation figure to approximately $6.2 million per year. This significant salary bump places him among the three highest-paid coaches in college basketball, behind only Kansas’ Bill Self and Kentucky’s John Calipari.
In addition to his base salary and supplemental compensation, Tom Izzo’s contract includes performance incentives. These include:
- $300,000 bonus for winning a national championship
- $100,000 for a Big Ten conference regular-season title
- $100,000 for winning the Big Ten tournament
- $25,000 for NCAA tournament berths
- $75,000 if the team makes the Sweet 16
- $150,000 if it reaches the Final Four.
These incentives provide further motivation for Izzo and his team to strive for excellence and achieve success on the court.
Along with his salary and performance incentives, Tom Izzo’s contract includes several other perks. For instance, for the first year after his retirement, Izzo will retain his ability to continue receiving apparel payments from Nike and receive 25 hours of personal use on a private jet paid for by Michigan State University. These perks help ensure that Izzo remains a valuable asset to the university even after he retires from coaching.
Furthermore, the contract includes a buyout clause, which provides Izzo with a $7 million payout if he is fired. Additionally, if he decides to retire, he will have the opportunity to become a “special university adviser to the athletic director” with a salary of $6.2 million for the first year and $750,000 for each year afterward.
This role requires him to attend public appearances and fundraising activities for the university, among other duties delegated by the athletic director. The hope for MSU is that Izzo will be a Spartan for life.
When considering his net worth, it’s important to note that Tom Izzo has been with Michigan State since the 1995-96 season. He has won a national championship, has eight Final Four appearances, 10 Big Ten titles, and 24 consecutive NCAA Tournament appearances. As a result, Izzo’s net worth is believed to be in the region of $15 million. This figure reflects his successful career and long-standing association with Michigan State.
With his impressive coaching record and enduring association with Michigan State, Izzo is sure to continue leaving his mark on college basketball for years to come.
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