The University of Missouri system Board of Curators today unanimously approved the new seven-year contract that will pay the MU men's basketball coach a minimum of $1.55 million a year if Mike Anderson serves out the length of that agreement.
Systems president Gary Forsee said shortly after noon that Anderson's contract -- once it is finalized by signatures of Anderson and MU officials -- guarantees a base of $1.35 million a season. In addition, the contract calls for a deferred payment of $200,000 per year based on Anderson's remaining at Missouri.
"The market nationally was a framework," Foresee said in light of the recent skyrocketing salary packages such as that given by Kentucky to John Calipari. "When you have a coach that is performing and a program that has significantly improved ... you want to do everything you can to keep your own."
Incentives could boost Anderson's pay beyond $2.2 million in a season that would include MU winning the NCAA basketball title.
Forsee stressed that the university as an entity pays only about $2 million for debt servicing for the athletic department, and that the vast majority of the money to pay Anderson will come from existing athletic department revenues and from contributions to the athletic department.