Beilein to get $3.8 million annually under new contract
John Beilein’s contract extension, announced by the University on Wednesday, will see the men’s basketball coach paid $3.8 million annually.
The extension, which will keep Beilein in Ann Arbor through the 2022-23 season, amounts to a raise of roughly $400,000 per season. This maintains Beilein as the second-highest-paid coach based on annual salary in the Big Ten behind Michigan State’s Tom Izzo. It comes just weeks after Beilein’s flirtation with the Detroit Pistons — a job that ultimately went to former Toronto Raptors coach Dwane Casey.
In his 11 seasons at Michigan, Beilein boasts a 248-143 record, including eight NCAA Tournament appearances. He led the Wolverines to the Final Four and National Championship Game in both 2013 and 2018, the most recent of which made an extension all but inevitable. Beilein heads into the 2018-19 campaign with 799 career wins in college basketball — starting at Erie Community College and, likely, ending in Ann Arbor.
The contract, obtained by The Daily, via a Freedom of Information Act request, establishes a $400,000 base salary for Beilein with $1.9 million in additional compensation and $1.5 million being put into a 403(b) Supplemental Defined Contribution Retirement Plan. Officially, it’s not a lifetime contract, but it is in all but name — and the Wolverines are selling it to recruits as such.
Beilein will also receive $25,000 in bonuses for each NCAA game won, along with another $25,000 for an NCAA Tournament berth, a Big Ten Tournament championship or a share of the Big Ten regular season title. If Michigan wins the Big Ten outright, his bonus jumps to $50,000.
Beilein’s buyout is $3 million if fired this upcoming season and drops to $2 million in 2019-20. From there, it drops by $500,000 each year until the 2022-23 season, after which Michigan can terminate Beilein’s contract without worrying about a buyout.
Among other benefits: Beilein will be reimbursed for first-class airfare and will be entitled to 10 hours of private air travel within the continental United States per year. Those hours roll over for an additional year if unused. Also included are six season tickets to Michigan football games and eight such tickets to basketball games.
The full contract can be found below.