Mike Woodson to earn an average of $3 million annually on six-year contract, Thad Matta to earn $400,000 annually
Indiana’s memorandum of understanding that it reached with coach Mike Woodson on Sunday will pay him an average of $3 million in annual compensation. The deal is for six years.
According to the terms of the deal, Woodson will be paid a base salary of $550,000 per year and will earn $2,450,000 annually in outside marketing and promotional income.
Both Woodson and Athletics Director Scott Dolson signed the memorandum of understanding on Sunday.
Bonuses are also included in the deal, as outlined below:
In the event that the university terminates Woodson within the first four years of his deal, he will be owed 100% of the base salary and supplemental compensation due to him through the end of the normal expiration date of the deal, which is March 31, 2027. If termination occurs after April 1, 2025, the amount owed is 50% of Woodson’s remaining base salary and supplemental compensation due to him through the end of the normal expiration date of the deal.
If Woodson resigns prior to March 31, 2024, he will owe Indiana a lump sum payment equivalent to one year of his current base salary and supplemental compensation. If he resigns after that date, the amount owed to Indiana is a lump sum of $500,000.
Thad Matta, who was hired as Indiana’s associate athletic director of basketball administration, will be paid an annual base salary of $400,000.
Per the terms of the deal, Matta’s base salary will increase on April 1 of year each by $25,000 beginning on April 1, 2022.
Matta’s deal is also for six years and includes the following as potential bonuses: