Heartbreak: The all-time great Michigan State basketball player announced the end of his contract in order to reach an agreement on a new contract with…
Michigan State announced on Thursday that coach Tom Izzo, a member of the Naismith Memorial Hall of Fame, had agreed to a new deal. This is a rolling five-year contract that will essentially retain him as the Spartans’ head coach until he makes the decision to step down.
MSU vice president and athletic director Alan Haller stated in a release that “Tom Izzo said he would be a Spartan for Life twelve years ago, and today’s announcement further demonstrates and renews this commitment.” “We have worked collaboratively to come up with a contract which benefits the University, Coach Izzo and his family.”
Izzo will receive $5.92 million a year under his new contract, which includes non-performance related incentives. His basic income would increase to $2.43 million from $430,000 under his previous contract, which was inked in 2018, as per the terms of the agreement. In addition, he will receive $400,000 from a footwear and apparel contract with Nike, and an additional $3.09 million in compensation. The overall yearly value of the salary package, including travel expenses and fringe benefits, is almost $6.2 million.
In addition to a $2.43 million base salary (increased from his initial $430K base on his 2018 contract), $3.09 million in supplemental compensation, and $400K from footwear and clothing provider Nike, Izzo’s five-year rollover contract contains $5.92 million in non-performance related compensation annually. Total earnings
