By the Numbers: Steve Pikiell receives extension from Rutgers

Rutgers wants its Men’s Basketball coach on the sidelines for the duration of his career. After agreeing to a large extension in March, Rutgers added more onto the deal.

On Thursday, the Rutgers Board of Governors approved a one-year extension for Pikiell. He will now be linked to Rutgers through the 2030-31 season. The new deal is worth $30.8 million over eight years. Full details are below.

There was a new retention bonus of $300,000 added at the end of the 2023-24 season. This means that Pikiell will receive this retention five times over the next seven years (2023, 2024, 2025, 2027, and 2029).

Also, Pikiell’s buyout timeline has been pushed back. His current buyout figure was scheduled to drop from $15 million to $13 million on April 1. That will now stretch through the season. Pikiell’s buyout will decrease on April 1, 2024 and the annual $2 million decrease will remain in tact from there.

According to a term sheet obtained by Brian Fonseca of NJ Advance Media, the details of Pikiell’s new contract are below:

Salary

• 2023-24: $3.25 million (+ $300,000 retention bonus on July 1, 2023)
• 2024-25: $3.5 million (+ $300,000 retention bonus on July 1, 2024)
• 2025-26: $3.75 million (+ $300,000 retention bonus on July 1, 2025)
• 2026-27: $3.85 million
• 2027-28: $3.95 million (+ $300,000 retention bonus on July 1, 2027)
• 2028-29: $4.05 million
• 2029-30: $4.15 million (+ $300,000 retention bonus on July 1, 2029)
• 2030-31: $4.25 million

Buyout

• 2023-24: $15 million
• 2024-25: $13 million
• 2025-26: $11 million
• 2026-27: $9 million
• 2027-28: $7 million
• 2028-29: $5 million
• 2029-30: $3 million
• 2030-31: $1 million