After weeks of uncertainty, Maryland and men’s basketball coach Mark Turgeon officially have a new deal.
Turgeon, who had two years remaining on his previous contract, signed a three-year extension through 2025-26, the school announced Wednesday night. It’s the 56-year-old’s second extension with the Terps after he originally signed an eight-year deal in 2011 to succeed Hall of Fame coach Gary Williams.
According to a copy of the contract obtained by The Baltimore Sun through a public records request, Turgeon will receive an annual base salary of $750,000 — but the actual value of the deal is worth roughly $17 million over the next five years.
In addition to Turgeon’s base salary, he also will receive “supplemental annual income” for fulfilling apparel contracts and making television, radio, promotional and fundraising appearances.
That includes $2.57 million for the first contract year (May 1, 2021-April 30, 2022), with an additional $100,000 added to that total each year until the deal expires April 30, 2026.
Turgeon will make $3.3 million in the first year of the contract, and stands to earn $3.8 million in the final year of the deal.
Turgeon can earn up to $545,000 per year in performance incentives. In addition, certain incentives will also trigger a contract extension, although the length of the deal cannot extend more than six years. Those benchmarks include:
- Winning the Big Ten regular-season title: $75,000 (outright) or $50,000 (tie) and one-year extension
- Winning the Big Ten tournament championship: $75,000 and one-year extension
- Earning an NCAA tournament bid: $25,000
- Being named Big Ten Coach of the Year, as voted by coaches or media: $50,000
- Being named National Coach of the Year, as voted by sports writers, AP, or Naismith: $40,000
Turgeon also could receive noncumulative compensation based on the Terps’ performance in the NCAA tournament:
- Sweet 16 appearance: $75,000 and one-year extension
- Elite Eight appearance: $150,000 and two-year extension
- Final Four appearance: $200,000 and contract extended to six years
- National champion: $250,000
If Turgeon’s contract is terminated “in the best interests of the university” before May 1, 2022, Maryland would owe him $5 million. The buyout then decreases over the following years:
- Fired before May 1, 2023: $4.5 million
- Fired before May 1, 2024: $3.5 million
- Fired before May 1, 2025: $2.5 million
- Fired before May 1, 2026: $0
However, the contract also has incentives that would increase the cost of the buyout, which cannot exceed 75% of the contract’s remaining worth.
- Big Ten regular-season title (outright or in a tie): $1 million increase in buyout
- Big Ten tournament championship: $1 million increase in buyout (cumulative with regular-season title)
- Sweet 16 appearance: $1 million increase in buyout
- Elite Eight appearance: $1 million increase in buyout
- Final Four appearance: buyout increases to 75% of money owed through the end of the contract
If a buyout increase is triggered, the buyout amount for the following contract year will increase based upon the the current year’s buyout amount. For example, the buyout amount for the first contract year is $5 million. If a $1 million buyout increase is triggered in the first contract year (May 1, 2021-April 30, 2022), the buyout amount of the second contract year would become $6 million, the buyout amount for the third contract year would adjust to $5.5 million, etc.
If Turgeon chooses to leave for another coaching job — defined as “athletically-related employment or consulting in intercollegiate athletics or professional sport” — with three or more years remaining on the contract, he will owe the university $500,000. With two years remaining, the total drops to $350,000, and with one year remaining, it drops to $250,000.
Turgeon also receives a monthly automobile ($1,200) and cell phone ($120) allowance, and is eligible to receive complimentary tickets and suites at Maryland football and basketball games.