Bonus, buyout and salary details for Casey Alexander’s 5-year deal with K-State
AI-generated summary reviewed by our newsroom.
- Five-year deal pays Casey Alexander $17M if he remains head coach through 2031.
- K-State will pay Belmont up to $600K and commit up to $2.7M for staff.
- If fired without cause before 4/30/2028, K‑State pays 85%; exit fee starts $5M.
Casey Alexander has agreed to a five-year deal with Kansas State that will pay him $17 million, plus bonuses, if he remains the head basketball coach for the Wildcats through 2031.
His base salary will start at $3.3 million for the 2026-27 season and increase by $50,000 annually until it maxes out at $3.5 million during the 2030-31 season. Those numbers are based on a copy of Alexander’s term sheet with K-State, obtained through an open records request.
That salary is expected to rank in the middle of the Big 12.
It would have ranked 10th in the conference this season. Former K-State coach Jerome Tang had a salary of $3.6 million this season before he was fired for cause midway through the year.
K-State and Alexander have agreed to sign a formal contract within the next 30 days. But both sides have already agreed to many numbers, including bonuses and buyouts.
Buyout numbers
One key figure mentioned in the term sheet is the amount of money that K-State will pay Belmont to cover Alexander’s buyout with the Bruins. K-State will pay Belmont up to $600,000 as a “reasonable business expense” necessary to hire Alexander away from his previous job.
K-State will also commit up to $2.7 million for Alexander to spend on assistant coaches and support staffers.
Should K-State elect to fire Alexander without cause at any point before April 30, 2028, it will owe him 85% of the remaining value on his contract. That number will drop to 70% of his remaining contract value on May 1, 2028.
In the event that Alexander terminates this contract for any reason, he will owe K-State an exit fee of $5 million before April 30, 2027. But that number will decrease by $1 million per year until his exit fee drops to zero in his last contract year.
There is no language in his term sheet about being fired “for cause.” That will be explained in his formal contract.
Bonus structure
At the end of each season, Alexander will be eligible for a wide range of performance-based bonuses.
Those range from as little as $10,000 for playing in the NIT to as much as $600,000 for winning the NCAA Tournament.
Here is a full breakdown of his yearly bonus structure.
Alexander is eligible to earn one bonus per year in each of the following categories.
Wins: $15,000 for 20-25 wins or $25,000 for 20-plus wins.
Ranking: $25,000 for a final top-25 ranking or $50,000 for a final top-10 ranking.
NCAA Tournament: $200,000 for the Elite Eight or $400,000 for a Final Four or $600,000 for a national championship.
Alexander can also earn cumulative bonuses in the following categories.
NIT: $10,000 for playing in the NIT or finishing with a .500 conference record, plus $10,000 for reaching the NIT semifinals, plus $15,000 for a NIT championship.
NCAA Tournament: $25,000 for reaching the Big Dance, plus $50,000 for reaching the Round of 32, plus $75,000 for advancing to the Sweet 16.
Big 12: $50,000 for a regular-season conference championship plus $50,000 for a conference tournament title.
Alexander can also earn up to $50,000 for excellent APR results and graduation rates. He will earn $25,000 if he is named Big 12 Coach of the Year and $50,000 if he is named national coach of the year.
Other benefits
K-State has also agreed to give Alexander a yearly car allowance of $15,000. The Wildcats will also provide him with a membership to Manhattan Country Club and golf privileges at Colbert Hills.
He will also receive tickets to K-State sporting events and up to 20 hours of time on a private plane for him and his family.
Alexander will receive up to $30,000 to cover moving expenses.