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On Friday, the Board of Governors approved a four year contract extension for Rutgers men’s basketball head coach Steve Pikiell. It was first reported by Jerry Carino here and James Kratch here.
It is a four year extension which secures Pikiell through the 2029-2030 season. A key figure is the buyout being reset to $15 million through the end of next season. This is a tremendous commitment by Rutgers and ensures Pikiell remains at Rutgers for the long term. As I wrote when news of the extension first broke, the university and athletic department are demonstrating an unprecedented level of commitment to being successful across all sports based on this and several other recent developments.
Ensuring stability for a program that has had more success in a three year period since the late 1970’s by locking up Pikiell is essential. Committing to him for the future without dragging out any process and getting it done now proves they’re serious. Showing loyalty to a coach of Pikiell’s integrity will continue to pay dividends with him leading the program.
Adding years to the deal benefits recruiting in sending a clear message that both Pikiell and Rutgers committed in the long term. Increasing the buyout makes it harder for other schools to seriously pursue Pikiell and the structure of it means he will not be attainable by any other schools in the near future..
All terms are based on the reporting of reporting by Carino and Kratch.
Salary Terms
2022-23: $3 million
2023-24: $3.25 million (+ $300,000 retention bonus)
2024-25: $3.5 million
2025-26: $3.75 million (+ $300,000 retention bonus)
2026-27: $3.85 million
2027-28: $3.95 million (+ $300,000 retention bonus)
2028-29: $4.05 million
2029-30: $4.15 million (+ $300,000 retention bonus)
Buyout Terms
2022-2023: $15 million
2023-24: $13 million
2024-25: $11 million
2025-26: $9 million
2026-27: $7 million
2027-28: $5 million
2028-29: $3 million
2029-30: $1 million
From the Rutgers press release:
“What Steve Pikiell has accomplished here ‘On the Banks’ is nothing short of extraordinary,” said Director of Athletics Pat Hobbs. “His leadership is driving success for our young men on the court, in the classroom, and ultimately in life. That’s what great coaches do and this extension ensures that Steve, Kate and their family will be at Rutgers for years to come. This is well deserved.”
“Coach Pikiell has brought the kind of values and vision to Rutgers that would make any parent proud to have their child be mentored, challenged, and coached by him,” said Rutgers President Jonathan Holloway. “His victories on the court are second only to his success as a leader. I’m glad that we will have him courtside for Rutgers for the foreseeable future.”
“I love it here,” said Pikiell. “Rutgers has embraced me and my family since day one, and there is no other place I want to be. Pat Hobbs and President Holloway share in my vision to make this a program that everyone can be proud of, and I am thankful for their leadership. We have been able to accomplish great things in the past six years and that is not possible without having the best coaching staff and best student-athletes in the country. It is an honor to be the head coach at Rutgers and to do it in the toughest conference in college basketball. I look forward to continuing the hard work to bring RU a national championship.”