Crean will make $2 million in 1st year

New IU coach Tom Crean received a contract offer last week that will make him one of the highest-paid men’s basketball coaches in the country. Like Crean said himself, it’s Indiana. \nAccording to the memorandum of agreement between IU Director of Athletics Rick Greenspan and Crean, obtained by the Indiana Daily Student through an open records request, Crean will make a base salary of $600,000 a year. His supplemental salary will push it to $2 million in his first year. That supplemental salary will increase $80,000 each subsequent year.\nAdditionally, Crean can make as much as $685,000 a year in bonuses based on his team’s performance. The highest paying bonuses would reward the new coach with $250,000 for winning the NCAA Tournament and $125,000 for winning a Big Ten regular season title or reaching the Final Four. \nThe document shows that IU paid $650,000 to buy out Crean’s contract with Marquette. Conversely, should Crean wish to buy out his contract at IU, it will cost him $3,000,000 in the first three years of his contract, $2,000,000 in the next two years and $1,000,000 in the last three. \nIf the University wishes to buy out Crean’s contract, they will pay either the remaining base salary owed to the coach through his contract or $3,000,000, whichever is less expensive. In the event of a buyout, Crean would be required to sign a “a release in form and substance satisfactory to the University” to receive compensation. \nIn addition to monetary compensation, Crean will receive the use of two University-provided cars with “appropriate insurance.” He will also receive “full standard benefits” – such as health and dental insurance – “on the same terms as provided by the University to all similarly situated employees.”\nCrean will be allowed use of IU’s athletic facilities for three weeks “in connection with a summer youth’s basketball camp.” The University must be reimbursed for overhead costs from those camps. \nThe contract will also prohibit Crean from receiving any sort of compensation or benefit from any source other than the University without first obtaining permission in writing from IU.\n“It is with great anticipation and enthusiasm that I offer you the position of Head Men’s Basketball Coach at Indiana University,” Greenspan wrote at the end of the letter. “I have every confidence that you will lead our athletics program with integrity and pride, and I look forward to welcoming you as a member of the Indiana University family.”