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November 9, 2012
IU extends Crean's contract through 2020
Indiana announced tonight it has extended coach Tom Crean's contract through 2020.
Crean took over a program mired in the wake of NCAA sanctions and has it preseason No. 1 for just the third time in school history.
The new contract increases Crean's non-performance based compensation from approximately $2.52 million to approximately $3.16 million annually.
Per the most recently available salary figures (2011-12), Crean is now the 7th highest paid head coach in college basketball. Kentucky's John Calipari tops the list at $5.39 million per year.
Indiana athletic director Fred Glass said the contract was a mutual conversation, and IU wanted Crean to be paid among the top coaches in the country.
"I think he deserves to be paid among the top coaches in the country, and I'm glad that he is," Glass said. "It wasn't' a stated goal or anything.
"We think he deserves to be paid as one of the elite coaches in the country. We feel good about it, and he feels good about it."
Glass made the announcement at center court prior to IU's season-opener tonight against Bryant.
"Indiana University basketball is back and it is back because of that man right over there," Glass said, standing at midcourt and pointing toward Crean.
"It's also back because of all of you who stuck with us, especially the largest and best student section in America. That's why president Michael McRobbie and I wanted you to be the first to know that this week, we entered into a new agreement with Tom Crean that will keep him as our head coach through 2020."
The Hoosiers won 27 games last year and reached the Sweet Sixteen.
With all five starters back from that team and a heralded recruiting class, the Hoosiers were name preseason No. 1 this year. It is IU's first No. 1 national ranking since the final poll of 1993.
Crean is 245-171 all time as a head coach.
"Since we arrived in April of 2008, we have been all in," Crean said. "Even through all of the challenges our love and passion never wavered for Indiana basketball and all that the school and the state embodies. We are extremely thankful to have the support of this administration led by President McRobbie and our Board of Trustees and the support of Fred Glass.
"We are honored to know we will be here for a very long time. Once you are a part of Indiana University, there is really no desire to work or live anywhere else. Go Hoosiers!"
Per the most recently available salary figures (2011-12), Crean is now the 7th highest paid head coach in college basketball.
Here is the list of top salaries, per data collected by USA today for the 2011-12 season. Compensation in average per season
1. John Calipari, Kentucky, $5.4 million
2. Rick Pitino, Louisville, $4.8 million
3. Mike Krzyzewski, Duke, $4.7 million
4. Billy Donovan, Florida, $3.6 million
5. Bill Self, Kansas, $3.63 million
6. Tom Izzo, Michigan State, $3.60 million
7. Tom Crean, Indiana, $3.2 million
Per the IU release:
The key terms of the new contract will include the two-year extension from six years to eight years (through June 20, 2020) and an increase in the average annual non-performance based compensation from approximately $2.52 million to approximately $3.16 million. All of the annual incremental income will be paid through deferred compensation. The new contract will also add a performance bonus for team academic performance as measured by APR, GSR, and GPA worth as much as $55,000 per year. The contract will also contain increased buyout and guaranty provisions.