BOISE - The Idaho State Board of Education will motion to approve a new multi-year contract for Boise State head football coach Chris Petersen when they meet this Wednesday and Thursday in Moscow.
The new employment agreement will pay coach Petersen $11,798,333 over the next five years, which includes the University's right to use Petersen's "likeness and image rights" at a rate of $250,000 a year.
The contract also includes "pay for performance incentives." Dependent upon which value is greater, Petersen would receive $80,000 for winning a conference championship or participating in a conference championship game; or, $35,000 for a bowl appearance; or, $150,000 if the Broncos make it to a BCS bowl game; or, $250,000 in the football team plays for the BCS National Championship. Also - as stated in his previous contract - the coach will receive a $100,000 raise and a one-year contract extension every time Boise State wins eight games in the regular season.
On top of that, Petersen will receive a $40,000 academic incentive bonus if the football team's APR rating is at least 955 (last year it was 981), and can earn supplemental money by assisting with University run camps.
As with all payments under the new agreement, no state funded money is involved. The amounts are paid only from athletic department revenues, media, public appearance fees, and donations.
Other changes to the deal include raising Petersen's buyout to $750,000. The contract states Petersen must give written or electronic (e-mail) notice at least 24 hours prior to interviewing, negotiating or accepting employment at another collegiate institutions or professional sports organizations.
Petersen and Boise State originally agreed to the current deal in April of the 2010, with revisions taking place in February and October of 2011. The latest changes will make Petersen the 43rd highest paid coach in college football according to coacheshotseat.com, sandwiched between Larry Fedora of North Carolina and Derek Dooley of Tennessee.
Back in January, the Board held a special meeting to approve the first year of the new deal that will be worth at least $1,956,333. If Petersen achieves all of his incentives, he could earn as much as $2,246,333 during the 2012-13 contract year.
Since becoming the head coach at Boise State in 2006, Chris Petersen's Broncos have gone 73-6, giving him the best winning-percentage (.924) amongst active head coaches in all of college football.
Below is a year-by-year financial breakdown of Petersen's contract.
|Contract Year||Base Salary||Longevity Incentive||Deferred Comp. Plan||New Supp. Pension Plan||TOTAL|