Rutgers men’s basketball head coach Steve Pikeill received an additional one-year extension on top of the extension he already signed a year ago.
The new contract keeps Pikiell in Piscataway through the 2030-31 season that will pay him $4.25 million for that season, and will bring the total contract extension terms he agreed to last year to $30.8 million over the next eight years. According to NJ.com there will be two notable changes to the terms of the deal.
- The current $15 million buyout figure, which was scheduled to drop to $13 million on April 1, will now stretch through the 2023-24 season. The annual decrease of $2 million remains, but it will not commence until April 1, 2024, when the buyout drops to $13 million. In essence, the original buyout timeline is pushed back a year.
- An extra retention bonus of $300,000 was added at the end of the 2023-24 season, making it five over the next seven years. Pikiell is now due a $300,000 retention bonus on July 1 of 2023, 2024, 2025, 2027 and 2029.
By the time Pikiell’s contract runs out, he will have eclipsed Tom Young and Donald White in terms of years on the job. Both men coached Rutgers for 12 years. Pikeill will only trail Frank Hill, who coached the program from 1916 to 1943.
In seven years at the helm of the Scarlet Knights, Pikiell is 113-98 with a pair of trips to the NCAA Tournament. Rutgers (15-7) is in the midst of another run to March Madness, and will play Michigan State at Madison Square Garden on Saturday at 12 noon.