Elko nears extension with A&M
Texas A&M head coach Mike Elko isn’t going anywhere for a while.
Multiple sources have told On3 and AggieYell.com that a new contract, which includes a significant pay increase, is nearing completion.
Elko, who is in his second year at Texas A&M, has the Aggies off to a 9-0 start and ranked No. 3 in the nation. He was also drawing attention from Penn State for their head coaching job. Even though Elko repeatedly said he had no interest in leaving, the lack of an extension had Penn State observers speculating that he was still the primary target and that he was interested.
That idea took a major hit Thursday when the Texas A&M System Board of Regents approved a measure authorizing the university to negotiate a contract in excess of $500,000. Though the position was not named, the indication was clear — the Aggies and Elko’s representatives were going to work out a deal. Unsurprisingly, negotiations didn’t take long.
Sources tell AggieYell.com that the extension is for six years and will make him one of the top 10 best paid coaches in college football. The average annual salary will be between $11 million and $11.5 million per year, and includes a higher buyout to be paid if he takes another job. That buyout is currently at $5.5 million, and will decrease to $4 million on Jan. 1 under his current deal.
The contract extension will also include a significant increase in money for NIL opportunities and a large salary pool for Elko’s staff.
