RALEIGH — Mark Gottfried received an automatic two-year extension when N.C. State made the NCAA tournament last March.
The second-year basketball coach was approved for an annual raise of $750,000 on Friday, and some new valuable bonuses, to go with the extension for the Wolfpacks 24-win season in 2011-12, which ended in the Sweet 16.
Gottfried will make $1.95 million in guaranteed money annually, which trails only Dukes Mike Krzyzewski and North Carolinas Roy Williams in the ACC.
The N.C. State Board of Trustees approved the raise for Gottfried and baseball coach Elliott Avent, who led his team into the final 16 of the NCAA tournament, on Friday.
Gottfrieds supplemental income jumped from $450,000 per year to $1.2 million under the new deal, which runs through the 2017-18 season. Gottfrieds supplemental income is partially composed of money from N.C. States multimedia contract with Wolfpack Sports Properties and its apparel deal with Adidas, both of which were reworked and increased this year by N.C. State athletic director Debbie Yow.
Gottfrieds annual base salary of $750,000 remains the same, as does the buyout of his contract. If Gottfried were to leave N.C. State after this season, he would owe $3.75 million, or the amount of his base salary multiplied by the years remaining on his contract.
Gottfried still has a way to go to catch Krzyzewski, who made $7.2 million in 2010, according to federal tax returns obtained by USA Today. Williams makes $1.77 million annually from his base salary and supplemental income from UNC but that total does not include his deal with Nike.
There were new performance bonuses added to Gottfrieds contract, including one for $125,000 for winning 12 regular-season ACC games.
Gottfried also had bonuses added for making the NCAA tournament. He receives $125,000 if the team is one of the top 64 seeds (a $62,500 bonus if the team is seeded in the First Four) and each tournament win is worth $62,500.
Under Gottfrieds original contract, he didnt receive a bonus until the round of 16. He made $62,500 last year for the teams two NCAA wins, under his new contract the same performance would be worth $250,000.
N.C. State went 24-13 in Gottfrieds first season, reaching the NCAA tournament for the first time since 2006 and the Sweet 16 for the second time since 1989. His original contract, signed in April 2011, called for an automatic two-year extension if he made the NCAA tournament in either of his first two seasons.
His competitive and recruiting success has accelerated our vision of excellence in an impressive way, Yow said in a statement released by the school. With his work ethic, attention to academics and sound coaching, we believe the future is bright for mens basketball.
Avent led N.C. States baseball team to a 43-20 finish and a spot in the Super Regional round in the NCAA tournament. Avent received a $25,713 raise which brings his annual guaranteed compensation to $219,125 and his contract was extended one year, through the 2015 season.