K-State announces new contract for basketball coach Jerome Tang. Here are the details
Jerome Tang led the Kansas State men’s basketball team to so many victories in his first season as head coach that the Wildcats have already agreed to rip up his original contract and give him a new one.
K-State announced a raise and an extension for Tang on Monday.
The new deal will keep Tang under contract for seven years and last until the end of the 2029-30 basketball season. It will also boost his base salary to $3 million, but that number will increase by $100,000 every year he remains on the job. His salary will max out at $3.6 million during the final year of his deal.
Some other key details in his contract include:
- A buyout that will start at $6 million and decrease by $1 million on April 30 of every year starting in 2024.
- Four retention bonuses of $200,000 that will be paid if he remains the coach in 2024, 2025, 2026 and 2027.
- An additional retention bonus of $340,000 for completing his first season in Manhattan.
- A $15,000 bonus every time the Wildcats win 20 games or a $25,000 bonus for 25 wins.
- A $25,000 bonus for a top 25 ranking in the final polls or a $50,000 bonus for top 10.
- A $200,000 bonus for reaching the Elite Eight or a $400,000 bonus for reaching the Final Four or a $600,000 bonus for reaching the national championship game.
- A $10,000 bonus for reaching the NIT or a $25,000 bonus for reaching the NCAA Tournament.
- A $50,000 bonus for winning a Big 12 regular season championship or the Big 12 Tournament.
- A $25,000 bonus for being named Big 12 Coach of the Year.
- A $50,000 bonus for being named national Coach of the Year.
If K-State decides to terminate its contract with Tang without cause, it will owe Tang as much as $15 million if it happens before 2025. That number will decline each following year by nearly $2.3 million until it is only $3.6 million in 2029.
Tang agreed to the new deal after months of negotiations. K-State athletic director Gene Taylor made it very clear that he intended to give Tang an extension after the Wildcats won 26 games and reached the Elite Eight last season.
“What Coach Tang and his staff did in their first year here was phenomenal,” Taylor said. “The run to the Elite Eight was remarkable, but what separates Coach Tang is his pure love of his players and the relationships that he builds with everyone that he encounters. His ability to connect with players, staff, recruits, students and fans is special, and he is the perfect fit for Kansas State.”
Tang is also pleased with the new arrangement.
“My family and I could not be more excited about the future with this commitment from President (Richard) Linton and Gene,” Tang said in a statement, “as the staff and I continue to elevate this program to even greater heights. I say it all the time and I truly mean it, we’re fortunate every day to be at such a special place.”