Details released on Izzo's 'Spartan for life' deal with Michigan State
East Lansing – When Michigan State announced this month it had agreed with basketball coach Tom Izzo on a contract, they termed it a “Spartan for life” deal.
On Monday, the contract itself was released and it turns out Izzo, indeed, can become a Spartan for life.
Not only does the five-year rollover contract include annual compensation of $6.2 million, but a benefit was added that says the Hall of Fame coach can take a position as Special University Advisor to the Athletic Director should he choose to retire. The position would pay Izzo $6.2 million the first year and $750,000 each year after for a total term of six years.
The contract announced on Aug. 11 includes non-performance related compensation of $5.92 million per year, including a $2.43 million base, $3.09 million in supplemental compensation and $400,000 from footwear and apparel provider Nike. Total compensation including airplane use and additional fringe benefits adds up to a yearly compensation package with a value of approximately $6.2 million per year.
The deal makes him the second-highest paid college coach behind Kentucky’s John Calipari.
Another significant change from Izzo’s previous contract was the buyout. Should Michigan State fire Izzo, it would owe him $7 million, up from the am. That number was previously two times his base salary, which was $430,000. If Izzo leaves to coach at another school, he would owe Michigan State $500,000.
Izzo’s contract also includes many fringe benefits like use of an airplane, automobiles and tickets to basketball and football games, perks that had already been in place.
He also adds a $100,000 bonus if the Spartans win the Big Ten tournament. That was added to a list of performance bonuses that include $100,000 for a Big Ten regular-season championship, $25,000 for an NCAA Tournament berth, $75,000 for making the Sweet 16, $150,000 for making the Final Four and $300,000 for winning a national championship.