Details released on Izzo's 'Spartan for life' deal with Michigan State

Matt Charboneau
The Detroit News

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.

Michigan State coach Tom Izzo's new contract will make him one of highest paid coaches in college basketball.

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.

Twitter: @mattcharboneau