The University of Iowa has released the full text of Kirk Ferentz’s contract.
The contract extends to 2020, the year Ferentz turns 65. Ferentz will be paid more than $3.6 million in the contract’s first year and it makes him the highest paid football coach in the Big Ten Conference.
Ferentz’s base bay — which includes shoe and apparel endorsements, compensation for youth football camps, and radio and television deals — will be $1.87 million for 2010-2011, and will go up by $50,000 each year until 2014-15 until it reaches $2.07 million, where it will remain until the end of the contract.
Ferentz gets a one-time signing bonus of $400,000 that he will receive before the end of the year. His coaching staff will get a collective bonus of $300,000, which Ferentz will divide up among the coaches with the approval of athletics director Gary Barta.
There are a series of contract incentives that will pay Ferentz progressively more money depending on the team’s finish in the polls. The polls cited in the contract are the AP poll and the USAToday Coaches Poll. The higher finish between the two polls will determine the bonus.
A top 25 finish gets the coach $125,000, top 20 gets $150,000, top 15 gets $175,000, top 10 gets $250,000 and top 5 gets $350,000.
If the Hawkeyes make the national championship game and lost, Ferentz gets $500,000.
If the Hawkeyes win the whole thing?
Coach gets $1 million.
An outright Big Ten title, or an undefeated Big Ten season, gets Ferentz $250,000. A shared title only gets him $175,000.
A trip to a BCS bowl gets Ferentz $250,000. Any other bowl game gets $100,000.
Big Ten coach of the year: $50,000. Another $100,000 for any of a series of national coach of the year awards.
If the graduation rate is over 70 percent? That’s another $100,000 right there.
Ferentz will receive “annual supplemental compensation” payments of $370,000 on every Sept. 30, Oct. 30, March 30 and June 30.
As long as he is still coach by Jan. 31 of each year, Ferentz will get a longevity bonus. For 2010, it’s $325,000. The amount goes up each year by $50,000 until it reaches $525,000 in 2015, where it will remain until 2020.
Ferentz can be fired with cause at any time for rules violations, lack of moral turpitude, etc., without paying Ferentz anything. He can also be fired without cause at any time, but he will be owed 75 percent of his base pay for every year remaining on his contract.
Ferentz also gets other perks, like a $10,000 per year discretionary fund, 35 hours per year of flight time on a private jet, two cars, membership at the University Club for all coaches and their families, 20 tickets to every game and up to six spots on the team plane for road trips.
Category: Iowa Hawkeyes Football