Wednesday, March 14, 2012
Mike Gundy will earn $3.275M in 2012
OKLAHOMA CITY -- Oklahoma State football coach Mike Gundy's new eight-year, $30.3 million contract includes a big boost at the beginning.
Details of Gundy's deal released Wednesday to The Associated Press after an open records request show Gundy will earn $3.275 million in the upcoming season. That's a jump of more than $1 million over the $2.1 million Gundy was due last year under his old contract.
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His salary will go back down to $2.85 million in 2013 before increasing over the rest of the term of the extension, maxing out at $3.55 million in 2019. Oklahoma State will also contribute another $600,000 per year to a retirement account for Gundy.
If Gundy were to leave his alma mater for some reason before the contract runs out at the end of 2019, he would be entitled to a fraction of the $4.8 million in retirement funds based on how long he stayed.
Gundy led the Cowboys to their first Big 12 championship and BCS bowl victory last season, bringing him additional performance-based incentives.
The extension agreed to in January includes a $53,125 bonus for the Cowboys' participation in the Fiesta Bowl, which they won against Stanford to finish the season at 12-1 and ranked third in The Associated Press poll. The deal also updates the bonus structure that called for a $100,000 payment for winning the Big 12 title and a month's salary for participation in any bowl.
The new deal also calls for Gundy to get $400,000 for winning the national championship game, $200,000 for losing in the national championship game, $150,000 for finishing first in the conference and $100,000 for appearing in any other BCS bowl game. He would still get one month's salary if the Cowboys play in any other postseason bowl.
No changes were made to the buyout clauses, although the cost for firing Gundy without cause would increase because the value of the contract went up. Gundy is due 75 percent of the remainder of the contract if Oklahoma State terminates him without cause, but nothing more than the rest of the current month's pay if the firing is for cause.
Gundy would owe Oklahoma State $3 million to buy out of the contract.