Kansas State basketball coach Frank Martin was awarded a new contract today running through the 2014-15 season that is potentially worth $9 million and will pay him $1.55 million a year over the following five seasons.
Martin was being paid $760,000 this season and will receive a $462,800 signing bonus for putting his name on the new deal. He will be paid $1.2 million next season, $1.3 million in 2011-12, $1.4 million in 2012-13, $1.5 million in 2013-14 and $1.6 million in the final year of the contract. He can also earn $750,000 in retention bonuses.
Martin's previous contract ranked near the bottom of all Big 12 Conference coaches. The raise will rank him fourth in the league, tied with Missouri's Mike Anderson, who already makes $1.55 million per year. Only Kansas' Bill Self, Texas' Rick Barnes and Oklahoma State's Travis Ford make more.
Martin could also receive significant performance-based incentives if he continues winning. The incentives could reward Martin up to an additional 32 percent of his base salary for each contract year.
Those bonuses include salary percentage bonuses that range from obtaining a top-three seed in the Big 12 tournament to making the NCAA Tournament to reaching the Final Four and winning a national title.
A national title would give him a 32 percent bonus. Finishing the season with a top 10 ranking would pay him a 28 percent bonus.
Set bonuses range from achieving a high APR ($50,000), a high graduation rate ($50,000), being selected Big 12 Coach of the Year ($25,000) and winning national coach of the year honors ($50,000).
Upon the successful completion of his initial contract, which ends in April 2012, Martin will receive a lump sum of $250,000. At the completion of his new contract, he will receive a $500,000 bonus.
If Martin is terminated without cause before then, K-State will owe him $4 million or the total of the remainder of his Base Salary, whichever is less.
If Martin chooses to leave before the end of his contract he would owe K-State a sum depending on his departure. If he leaves following this season, he will owe $2 million. That buyout decreases to $1 million through April 15, 2012, $750,000 through May 14, 2013 and $500,000 through May 14, 2014.