NU Releases Details on Fred Hoiberg’s Contract

(Photo – Kenny Larabee)

The University of Nebraska-Lincoln has released the details of new Nebraska basketball head coach Fred Hoiberg’s contract, worth $25 million over seven years.

Hoiberg will be paid a base salary of $2.5 million in year one, which will be increased by $500,000 per year, maxing out at $3.5 million in year three. Hoiberg is also eligible for a number of bonuses, including a ‘stay bonus’ of $1 million for staying employed at NU until July 1st, 2020.

Additionally, he’ll receive a payment of $500,000 if he stays on through March 31st, 2024 and another $500,000 payment if he is employed through March 31st, 2025.

Other bonuses include a $100,000 payout that will be awarded upon winning either the regular season Big 10 Title and/or the Big 10 Tournament. A salary pool of $1 million will be afforded for the three assistant coaches as well. Only one assistant is currently under contract with Nebraska, Matt Abdelmassih.

Assistants will receive a bonus worth 10% of their salary for making an NCAA appearance. If they help guide the Huskers to a Sweet 16, they’ll receive a payout worth 15% of their salary. Then if they make a Final Four, assistants will get 20% of their salary, with an additional 25% of their salary that will get paid out if they make it to the national championship game. Abdelmassih is paid an annual salary of $380,000.

Also, Hoiberg will be penalized if he leaves for another NCAA Division 1 job. In year one, he’ll have to pay damages of $11.5 million. In year two, he’d be required to pay $10.25 million. Then in year three, he would need to fork out $8.75 million. In year four, a payment of $7 million would need to be paid, and then in year five, Hoiberg would owe $5.25 million, with no penalties assessed in year six or seven.

If he were to leave for another opportunity outside of an NCAA Division 1 job (likely the NBA), Hoiberg would owe NU $2.5 million, his base salary in year one. He’ll owe $2 million in year two, $1.5 million in year three, $500,000 in year four, and $250,000 in year five, with no penalties for leaving in the final two years of his contract.