Tennessee has released details head basketball coach Rick Barnes’ new contract.
A contract that will pay Barnes $26 million guaranteed over the next five years.
In year one of the new five year deal, Barnes will make $4.7 million. That guaranteed salary jumps $250,000 a year making his year five guaranteed salary $5.7 million.
Barnes’ incentive package has increased as well. If his team wins or shares the SEC regular season title, he will receive a $400,000 bonus. An SEC tournament championship title would mean another $200,000.
Barnes receives $200,000 for reaching the NCAA tournament and would get a million dollar bonus for making the Final Four.
Barnes has incentives for coach of the year honors and he receives a bonus for his team being ranked at the end of the season. If his team finishes in the Top-25, Barnes will receive $100,000. In the top 5, it’s $400,000.
Barnes also receives use of an private plane for 10 round trip flights in the continental United States for each year of his contract.
If the University fires Barnes before May of 2022, then they would owe him 100% of the remaining base and supplemental pay on the remaining years of the contract. After May 1, 2022 that drops to 50%.
There is no change in Barnes’ buyout if he decides to leave. He would owe the University $1 million for every year remaining on the contract.
