Izzo's New Deal At MSU Recognizes "Pinnacle Coach"
11/8/2001 12:00:00 AM | Men's Basketball
Nov. 8, 2001
EAST LANSING, Mich. - A new seven-year rolling contract recognizes basketball coach Tom Izzo as "a model coach at the very pinnacle of his profession," according to Michigan State president Peter McPherson.
Izzo's contract, coming on the heels of three consecutive Final Four appearances-including winning the 2000 national title-brings his current annual compensation to $1.3 million. Izzo could receive additional bonuses in five years. Other terms are similar to those in the previous contract between Izzo and the University.
"As I often have said, I want Spartan basketball to be recognized consistently as an elite program in every way," Izzo said. "We have improved on a great basketball tradition. I am personally committed to assuring that excellence and tradition continues here for many more years. This university has been great to me and my family, and with this new contract Lupe and I will look to additional ways we can help support MSU's mission."
"It was important to the administration and to Tom that a long-term approach be taken," President Peter McPherson said. "We are very fortunate to have in Tom Izzo a model coach at the very pinnacle of his profession, a coach who represents this university with distinction and pride on and off the court. This contract recognizes his tremendous accomplishments to date, as well as promise for the future, which we hope is many years. Our basketball program could not be in better hands."
Izzo, in his seventh season as head coach, has led the Spartans to four consecutive Big Ten titles, in addition to the three Final Fours. He has won national coach of the year awards three times. He leads all active coaches in NCAA Tournament winning percentage. His 148 wins over his first six seasons as coach are the fourth most by any coach in his first six seasons in the history of college basketball. The Spartans have a 44-game home winning streak, the nation's best. For 55 consecutive weeks, the Spartans have been ranked in the Associated Press Top 15.
"Tom Izzo has made basketball history," Athletics Director Clarence Underwood said. "Throughout our discussions, we have had as our mutual goal a Spartan basketball program that continues to be grouped with the elite for the long term. This contract reflects that goal, because it shows to the world a united commitment to excellence, to championships, and to program integrity, with Tom leading the way."
Izzo, who served for 12 seasons as an assistant to Jud Heathcote before being named head coach, is second only to Purdue Coach Gene Keady in tenure among Big Ten coaches.
Annual compensation components of the new contract:
. Base salary, $320,000
. Radio/TV agreements, $200,000
. Shoe/Apparel agreements, $400,000
. Summer Camp, $133,000
. Supplemental Income, $247,000
A bonus of $3.4 million, along with investment proceeds tracking the return or loss on the University's Common Investment Fund, will be payable in 2006 if Izzo remains coach through the 2005-2006 season. If for any reason he does not, he forfeits the entire amount. McPherson added that this particular bonus is expected to be funded through private gifts.
"This bonus came entirely at our initiative," McPherson said. "This was not something Tom had sought, frankly. The bonus is a direct reflection of the spectacular record we've already seen during the Izzo era here, from three consecutive Final Fours to a national title to four straight Big Ten titles. It also is important to point out that under Tom, 79 percent of all players completing their eligibility graduated, highlighted by the Class of 2001-the 'winningest' class in Big Ten history with 115 wins-all five of whom received diplomas in May. The Breslin Center has been sold out for 50 consecutive games, and Tom now serves on the Board of Directors of the National Association of Basketball Coaches. A dramatic increase in sales of MSU merchandise has resulted directly and indirectly from the recent success of our basketball program. Revenues for Fiscal Year 2000-2001 were up 80 percent over the previous year, which were up 106 percent over the year before that.
"Clearly, we and Tom share a strong desire for him to remain our coach far into the future."
An additional $300,000 per year is credited to Izzo, and with investment earnings, will be payable to him in 2006 unless he leaves to coach at another college.
