Thursday, August 13, 2009
Hamilton signs pact for $1.5M annually
TALLAHASSEE, Fla. -- Florida State has signed men's basketball coach Leonard Hamilton to a five-year contract that will pay him $1.5 million a year with potential bonuses of another half million dollars.
The contract includes a $100,000 bonus for reaching the Final Four with another $75,000 for a national championship. There is also a $50,000 bonus for winning the Atlantic Coast Conference regular season, another $50,0000 for the ACC title, $50,000 for reaching the NCAA tournament and for being named national coach of the year.
Hamilton's base salary of $205,000 will be paid by the university, the remainder of the money comes from the school's athletic boosters.
Hamilton was with the team Thursday in Spain for an NCAA-approved summer trip and not available to comment on the new contract that runs through April 30, 2014.
"We're thrilled to actually have the contract finalized," assistant athletic director Kellie Elliott said Thursday. "We feel that Leonard is the best person to lead this program and we certainly appreciate that he's built the program back to being an annual contender."
Florida State finished 25-10 last year, its best record in Hamilton's seven seasons and the school's best mark since the 1992-93 season.
Hamilton is 131-96 in seven seasons at Florida State after taking the school to its first NCAA tournament bid in 11 years earlier this year. The Seminoles also defeated national champion North Carolina in March to reach the Atlantic Coast Conference tournament finals for the first time.
Hamilton, 61, returns three starters from the 2008-09 team, losing Uche Echefu and guard Toney Douglas, who set a new single season scoring record this year at Florida State.
"The program is on solid ground," Elliott said. "We look forward to a bright future."
Florida State officials quickly reached a tentative agreement in April on the terms of the contract after Hamilton had been contacted by Memphis officials about a coaching vacancy created by John Calipari's departure to Kentucky. However it took several months for attorneys to complete the details.
Although Hamilton's contract was announced amid the Rick Pitino sex scandal at Louisville, there was no specific "morals" clause in his agreement, but a broad graph that said he could be terminated for "misconduct which causes substantial damage to the reputation or dignity of the university."