Kevin Keatts buyout: Final amount owed by NC State revealed after firing head coach

On Sunday, NC State fired men’s basketball head coach Kevin Keatts. Shortly after the announcement, USA Today‘s Steve Berkowitz provided further information on NC State’s decision, specifically the details of Keatts’ buyout.

“Per his contract — which was automatically extended by two years, thru 4/15/2030, b/c Wolfpack won last season’s ACC tournament — Keatts will be owed buyout of about $7.8 million, subject to his duty to mitigate and NC State being entitled to offset from his future income,” Berkowitz wrote.

Keatts spent eight seasons at the helm of the Wolfpack. After winning the ACC Tournament and reaching the Final Four last year, NC State finished this season with a 12-19 record and didn’t qualify for the conference tournament.

Keatts finishes his time in Raleigh with a record of 151-113, including a 69-84 record against conference opponents. He made three NCAA Tournaments during his time as head coach. He released a statement following the Wolfpack’s announcement.

“The last eight years have been a dream come true, and I will always cherish my time being a part of the Raleigh community. I want to thank Debbie Yow for giving me this tremendous opportunity to lead the Wolfpack back to the top of the ACC,” his statement reads. “Her leadership and vision brought so many great coaches to NC State. 

“I am extremely proud of what we accomplished during my time here. … As we enter this new era of college sports, I wholeheartedly believe that I am leaving the program in a better position to succeed than when I started – and that the basketball program will continue to thrive when supported to the level necessary to compete. Finally, thank you to all the players, assistant coaches, managers, staff and supporters that joined my family and I on this journey.”

Kevin Keatts finished off his statement with a tongue in cheek comment: “I am officially entering the portal.” The Wolfpack will begin its search for a new head coach immediately. NC State athletic director Boo Corrigan thanked Keatts for his time at NC State in a statement.

“I want to thank Coach Keatts for his contributions to NC State and for always representing the university with class,” Corrigan wrote. “He will always have a treasured place in Wolfpack history for the accomplishments of his 2023-24 squad and I appreciate the passion he brought to this role.  We wish him and his family the best in the future.”

On3’s Barkley Truax also contributed to this report.