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SALT LAKE CITY — The University of Utah and men’s basketball head coach Larry Krystkowiak agreed to a five-year contract extension last month, giving the Runnin’ Utes a coach through the 2019 basketball season.
Over the life of the contract, Krystkowiak is set to make $8.3 million minimum before incentives, bonuses and benefits or approximately $1.66 million per season, according to Krystkowiak’s contract obtained by KSL.com.
The new contract is an increase from Krystkowiak’s estimated $950,000 per year deal when he first signed a five-year contract in April 2011. That amount included his base pay, radio and television revenue and the university’s Under Armour agreement.
The details of Krystkowiak’s latest contract is as follows:
Base salary: $400,000 paid twice monthly, with a 5 percent increase each year — $420,000, $441,000, $463,050, $486,202.50 — for a total of $2,210,252.50.
Radio and television revenue: $500,000 paid quarterly, with a 5 percent increase each year — $525,000, $551,250, $578,812.50, $607,753.13 — for a total of $2,762,815.63.
Appearance fees, public speaking engagements and fundraising: $500,000 paid quarterly, with a 5 percent increase each year — $525,000, $551,250, $578,812.50, $607,753.13 — for a total of $2,762,815.63.
Official outfitter agreement: $100,000 paid once, with a 5 percent increase each year — $105,000, $110,250, $115,762.50, $121,550.63 — for a total of $552,563.13.
Total before incentives, bonus and benefits: $8,288,446.89
Although the above make up the bulk of Krystkowiak’s salary, there are other incentives that can be earned throughout the basketball season based on team performance.
Incentives:
- An extra $50,000 if the team ends the playing season with a winning Pac-12 record and/or if team plays in round one of the NCAA tournament.
- An extra $50,000 if the team plays in the Sweet 16.
- An extra $100,000 if the team plays in the Final Four.
In addition to team performance, there is an academic performance incentive if the team reaches a certain threshold for the NCAA Academic Progress Rate, which is a “team-based metric that accounts for the eligibility and retention of each student-athlete, each term,” according to the NCAA. Teams must reach at least a 930 APR to qualify for an NCAA tournament, despite whether it qualifies by performance.
Academic incentives: (Only entitled to one of the following)
- An extra $15,000 if team’s APR is at least 970.
- An extra $10,000 if team’s APR is at least 960.
- An extra $5,000 if team’s APR is at least 950.
Krystkowiak is set to receive an extra $375,000 if he is still employed by the university by June 30, 2017, and will receive an extra $375,000 if still employed by June 30, 2019, which would be the length of his entire contract. However, Krystkowiak is owed a portion of his retention if terminated prior to the end of his contract, which is as follows:
- July 1, 2014 - June 30, 2015: $100,000
- July 1, 2015 - June 30, 2016: $225,000
- July 1, 2016 - June 30, 2017: $375,000
- July 1, 2017 - June 30, 2018: $175,000
- July 1, 2018 - June 20, 2019: $375,000
In addition to incentives and bonuses, Krystkowiak will receive the standard University of Utah benefits regarding health, disability, life insurance, sick leave, pension plan and welfare. Additionally, Krystkowiak will receive an automobile, mutually agreed upon by the university, a smartphone, spouse travel expenses paid for, a membership to a country club of choice and season tickets to men’s basketball and football.
If the university chooses to terminate Krystkowiak at any time throughout the duration of the contract, the university is required to pay all monies owed up to $1.4 million over a four-year period. If Krystkowiak decides to quit at any time throughout the duration of his contract, he will owe the university $1.4 million over a four-year period.
In the event that Krystkowiak violates his contract, university rules or regulations, or Pac-12 and/or NCAA rules and violations, he will be terminated without pay.
