N.C. State basketball coach Mark Gottfried has a new five-year contract, the school announced on Friday.
The deal raises Gottfried’s annual compensation to at least $2.48 million annually through 2020. Gottfried has led the Wolfpack to the NCAA tournament in each of his first four seasons, including a pair of trips to the Sweet 16.
The contract, approved by the school’s board of trustees on Friday before N.C. State’s season opener with William & Mary, replaces the one Gottfried signed in Sept. 2012 and runs through the 2019-20 season.
N.C. State also agreed to a new contract with women’s basketball coach Wes Moore. The third-year coach will make $460,000 annually through the 2019-2020 season.
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Gottfried is only the third ACC coach to guide his first four teams to the NCAA tournament. The Wolfpack reached the Sweet 16 last year and in 2012. It had been that far in the NCAA tournament only twice in the 23 years before Gottfried was hired.
Gottfried’s annual financial package breaks down to $760,000 for his base salary and $1,725,000 in supplemental compensation. There is a different bonus structure and new extension clauses in the new contract.
Gottfried’s previous contract would have paid him $2.1 million before bonuses this season. He has a chance to add as much as $1.5 million in academic and performance bonuses per year.
The bonuses include:
▪ $100,000 to win the ACC regular season or conference tournament; $50,000 if N.C. State is the runner-up during either the regular season (as defined as the No. 2 seed in the ACC tournament) or in the tournament.
▪ $100,000 if the scholarship athletes on the roster have a cumulative grade point average of 3.0 or better; $50,000 if they have a single-year GPA of 3.0 or better.
▪ $100,000 if the multiyear “Graduation Success Rate” is in the top 50 percent of the public schools in the ACC.
▪ $50,000 if the multiyear “Academic Progress Rate” exceeds the national average in men’s basketball.
▪ $50,000 for each NCAA tournament win ($25,000 for a win in the “First Four”) or $500,000 for winning the national title.
Under the new contract, Gottfried’s supplemental income would automatically increase by $50,000 with an NCAA tournament appearance, $150,000 with a Sweet 16 appearance or ACC title and $300,000 with a Final Four appearance.
Also new to Gottfried’s contract is an automatic one-year contract extension if N.C. State makes the NCAA tournament in 2016, ’17, ’18 or ’19. He would get an automatic two-year extension with an ACC title or trip to the Final Four.
Giglio: 919-829-8938, @jwgiglio