Coach Craig Smith’s Contract with University of Utah

It’s been three seasons since Craig Smith left Utah State University to be hired as the head coach for the University of Utah. Utah’s regular season came to an end last night with a loss to Colorado in the PAC 12 Tournament. Coach Smith just completed his third regular season at Utah with a 40-40 overall record and no postseason appearances yet to his name. USUStats has obtained Coach Craig Smith’s Official Contract with the University of Utah.

The contract is a six-year agreement beginning with the 2021-22 season and ending at the end of the 2026-27 season.

Base Pay (Including Media, Appearances, and Outfitter Compensation):

Year 1 (2021-22) – $1,800,000
Year 2 (2022-23) – $1,900,000
Year 3 (2023-24) – $2,000,000
Year 4 (2024-25) – $2,100,000
Year 5 (2025-26) – $2,200,000
Year 6 (2026-27) – $2,300,000

The base pay described above includes $300,000 in base salary, $550,000 in TV and Radio compensation (with $50,000 yearly increases), $550,000 in Appearance Fees (with $50,000 yearly increases), and $400,000 in an Under Armor Outfitter Agreement per year.

Deferred Retirement Payment:

The agreement includes $50K distributed to a 403b retirement account annually.

Retention Bonus:

As long as Coach Smith remains employed on Jan 15, 2025, he is entitled to a $150K retention bonus.

Incentive Bonuses:

Gross Ticket Revenues of $2,000,000 = $25,000
Gross Ticket Revenues of $2,250,000 = $35,000
Gross Ticket Revenues of $2,500,000 = $45,000
Gross Ticket Revenues of $3,000,000 = $75,000

Pac-12 Regular Season Champion or Co-Champion = $50,000
Pac-12 Top 4 Finish (determined by conference tournament seeding) = $35,000
Pac-12 Conference Winning Record = $20,000

Pac-12 Tournament Champion = $25,000
NCAA Tournament Berth = $25,000
NCAA Tournament First Four Win = $25,000
NCAA Tournament Per Win (other than first four win) = $50,000
Conference Coach of the Year = $25,000
National Coach of the Year (Naismith or NABC) = $50,000

National Ranking (one of the following)
Nationally Ranked Top 25 at any point after Jan 1 = $10,000
Finish Season Top 25 = $25,000
Finish Season Top 10 = $50,000

APR Bonus (one of the following)
APR of 950 = $25,000
APR of 970 = $30,000
APR of 990 = $50,000

Total Potential Bonus Payout = $675,000

Buyout Clause (in my own words):

If Utah were to terminate the agreement for convenience (i.e. Utah fires Smith for low performance), they are required to pay 100% of the pro-rated amount of base pay (including media, appearances, and outfitter amounts listed above) still remaining on the contract.

For example, if Craig Smith were to be fired at the end of the 2023-24 season, he would be owed $6,600,000.

If Coach Smith were to terminate the agreement for convenience (i.e. Smith leaves for another position elsewhere) the buyout owed to the University of Utah would be as follows:

  1. Contract Year 1: $11,000,000
  2. Contract Year 2: $8,500,000
  3. Contract Year 3: $6,000,000
  4. Contract Year 4: $2,500,000
  5. Contract Year 5: $1,000,000
  6. Contract Year 6: $0.0

The actual contract is vague on how this schedule works, but I am assuming that if Smith leaves the team during the contract Year listed above, he owes that current amount. So if he leaves after the 2023-24 season (on or after April 1, 2024) he would owe $2,500,000 as he would be in Contract Year 4 at that point.

Click the image below to download the full initial contract agreement.

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