Coach Mark Gottfried received a two-year contract extension on Sunday, when N.C. States basketball team made the NCAA tournament.
The automatic extension, which was part of the contract Gottfried signed when he was hired last April, also gives N.C. State extra insurance against another school that might be interested in hiring Gottfried after he led the Wolfpack to the NCAA tournament for the first time since 2006.
The extension means Gottfried is under contract for six more seasons at $1.2 million annually, through April 2018, and increases his current buyout to $4.5 million. The amount of the buyout decreases by $750,000, the amount of Gottfrieds base salary, each season he remains at N.C. State.
N.C. State athletic director Debbie Yow said Wednesday that Gottfried has earned the extension after leading the Wolfpack to a 22-12 record and a 9-7 mark in conference play.
"Coach Gottfried has exceeded competitive expectations in Year One," Yow wrote in a text message on Wednesday. "We are delighted that he and his entire family have embraced Raleigh and N.C. State as their new home."
Gottfried, who has now led three different programs to the NCAA tournament, has a chance to earn several bonuses in the NCAA tournament. The 11th-seeded Wolfpack plays sixth-seeded San Diego State on Friday in the second round of the Midwest Regional in Columbus, Ohio.
Gottfrieds contract includes bonuses for reaching the round of 16 ($62,500), the round of Eight ($125,000), the Final Four ($187,500), the championship game ($312,500) and winning the national title ($437,500).
N.C. State could offset some of the potential bonuses for Gottfried with the extra money it will receive from a new multimedia contract it completed with Capitol Broadcasting Company and Learfield Sports on Wednesday.
The 10-year deal is worth a minimum of $49 million, the school announced Wednesday, and is an upgrade of about $1.55 million per year from its previous contract.
Wednesdays contract, with the newly formed Wolfpack Sports Properties, does not affect N.C. States radio network, and Capitols FM station, WRAL-101.5, will continue to carry all football and basketball games in Raleigh.