How much will Mike Rhoades make at Penn State? Salary details, bonuses, buyout number, and more
Mike Rhoades is the new leader of the Penn State men’s basketball program. The university announced the hiring of the now former Virginia Commonwealth head coach on Wednesday. He replaces Micah Shrewsberry, who left the Nittany Lions last week to take the top job at Notre Dame.
In what is believed to be a program first, the university also announced the contract terms for its men’s basketball coach. Rhoades’ deal totals $25.9 million over seven years. It also includes bonuses and a buyout clause.
“We will be bold, different and aggressive moving our program forward,” Rhoades said in a released statement. “We will play with great energy and excitement while always being relentless in our pursuit of making this basketball family into something special. I can’t wait to get to work.”
Added Penn State Athletic Director Pat Kraft in a news release:
“Mike has been a tremendous recruiter and talent developer throughout his career. As a Pennsylvania native with a strong family history with our University, Mike understands what it means to be a Penn Stater and how impactful it is to be part of Nittany Nation. Mike has a vision of how to build Penn State Basketball into a championship program.”
See the full contract details below.
What is Mike Rhoades’ annual salary?
Rhoades will begin with $3.4 million in guaranteed compensation for the 2023-2024 season. His Penn State deal rises from there in that regard.
Here is the full breakdown of guaranteed compensation by season:
2023-2024: $3.4 million
2024-2025: $3.5 million
2025-2026: $3.6 million
2026-2027: $3.7 million
2027-2028: $3.8 million
2028-2029: $3.9 million
2029-2030: $4 million
How can Mike Rhoades earn a bonus at Penn State?
The 50-year-old Pennsylvania native has numerous bonus clauses he can trigger based on where he guides the Penn State basketball program to each year. They can total up to $1.075 million per season.
The list includes:
- Big Ten Coach of the Year (solo or shared): $50,000
- National Coach of the Year (solo or shared): $100,000
- Big Ten Regular Season Championship (solo or shared): $150,000
- Top 5 Big Ten Finish (including ties): $50,000
- 10 or more Big Ten regular season wins: $25,000
- Big Ten tournament championship: $50,000
- Win 20 or more games in a season: $25,000
- Postseason NIT Appearance: $15,000
- Each postseason NIT win: $10,000
- NCAA Tournament Appearance: $100,000
- Each NCAA Tournament Win: $75,000
Rhodes’ deal also includes perks. He gets a two car stipend, 25 hours of personal private aircraft use, a ticket allowance, and a relocation allowance.
What will Rhoades own the Lions if he leaves early?
Rhoades’ buyout starts at a substantial number, but it decreases with each passing year he stays as the head coach at Penn State.
Here’s what Rhoades would owe the Lions, broken down by year, if he left before the end of his contract:
2023-2024: $15 million
2024-2025: $12 million
2025-2026: $9 million
2026-2027: $6 million
2027-2028: $3 million
2028-2029: $1.5 million
2029-2030: $0 million
See the full contract below
The embedded PDF below lists Rhoades’ contract terms with Penn State. Can’t see it? Click here.
