April 18, 2003
LEXINGTON, Ky. – University of Kentucky head men’s basketball coach Orlando “Tubby” Smith has signed a new eight-year contract running through the year 2011, that would be worth at least $2.5 million per year, which could make Smith the highest paid collegiate men’s basketball coach in the nation. The contract replaces his previous agreement, which ran through the 2007 season.
“Money has never yet made a man rich,” Smith said. “What makes you rich is the people you have the privilege of working with. We are 100 percent behind (UK Athletics Director) Mitch Barnhart and his staff and they have a great vision, along with (UK President) Dr. Lee Todd. We’re willing to do whatever we have to do to make that a reality.”
“I just signed an eight-year deal and I look forward to being a part of this university for some time. I feel quite lucky that my name is on that contract.”
“It was an important time to show our commitment to him and his family and to show that we are committed to the right things about college basketball,” UK athletics director Mitch Barnhart said. “I think there’s been a lot of difficult things going on in the game of college basketball and Tubby Smith represents all the right things about college basketball. This shows our commitment to that.”
The University shall be responsible for Smith’s base salary of $200,000 per year with his radio, television and endorsements beginning in 2003 at $1.55 million per year on an increasing scale. The contract runs through the 2011 season, but automatically extends until 2013 if the men’s basketball team participates in the Final Four during any year during the term of the agreement.
Also included in the package are two retention bonuses. Should Smith fulfill the contract through April 2007, he will be entitled to a $1.5 million bonus, which had been a $1 million retention bonus in the previous agreement. If Smith coaches through the 2011 season, he will receive an additional bonus of $2.5 million.
The contract includes many incentive bonuses for Smith, including a $15,000 annual payment for a Southeastern Conference Championship or NCAA Tournament appearance. Should the team reach the NCAA Final Four, he will be awarded a $50,000 bonus for each appearance.
There is a $50,000 bonus for academic success which stipulates that should the team achieve a cumulative grade-point average of 3.0 or better and a minimum of 90% of the basketball student-athletes meet NCAA satisfactory progress requirements in any academic year.
As it did in 2001, the contract includes language stating that Smith could be fired with cause and the contract voided for committing or knowingly having staff members commit major NCAA violations.
The 51-year-old Smith recently completed his sixth season at the helm of the Kentucky program, where he’s compiled a 164-47 (77.7%) record, highlighted by the 1998 NCAA Championship. He led the 2003 Wildcats to a final No. 1 ranking in the AP poll with the nation’s best record (32-4) which included a 26-game win streak. His team reached the NCAA Elite Eight and won both the SEC regular-season and tournament titles for the fourth time in Smith’s six seasons at UK. The Wildcats were a perfect 16-0 in league play, marking just the second time the feat has been accomplished since 1956.
In addition, Smith’s staff was awarded an additional $78,000 in assistant coaching salaries, bringing the total pool for assistants to $320,000.”We’re proud to have him continue as our basketball coach. I congratulate Mitch (Barnhart), Rob (Mullens) and of course Tubby (Smith) in getting this (new contract) done so quickly,” President Lee T. Todd said.
Salary Capsule
Base: $200,000 per year
Radio, Television and Endorsements
2003-04: $1,550,000
2004-05: $1,625,000
2005-06: $1,700,000
2006-07: $1,775,000
2007-08: $1,850,000
2008-09: $1,925,000
2009-10: $2,050,000
2010-11: $2,175,000
Bonuses
SEC Championship or NCAA Tournament Appearance: $15,000 per year
NCAA Final Four Appearance: $50,000 per appearance
Academic Bonus: $50,000 per year
2007 Retention Bonus: $1,500,000
2011 Retention Bonus: $2,500,000
