Tom Crean’s new contract is hefty but it should prove to be a winning formula for both sides. By securing a proven winner to revive a program that just hit rock-bottom for a whopping eight years, the university showed off shrewd negotiating skills and foresight that it severely lacked when it hired Sampson.
Crean's lucrative contract is a major accomplishment for Indiana
The $18.24 million deal has a pay scale that ranged from $2 million in the first year to $2.56 million in the eighth year, increasing by $80,000 annually. The school already spent $650,000 to buy out his contract from Marquette, and will provide him two vehicles for his use. Overall, the contract is an extremely lucrative deal even for an elite college coach, but IU made sure that it received plenty of benefit in return for its large investment.
The biggest plus for our program is obviously the length of the contract. With the state of IU basketball right now, it will take at least a few years to really re-establish the program in the national picture. The recovery period will depend largely on any sanctions that are handed down this summer.
Due to this situation, the university wanted to make sure that its coach would be here for the long haul, and it accomplished that goal by including steep buyout clauses in the contract. If Crean wants to quit before the end of his third year, he’d be giving up $3 million from his own pocket. In years four and five the buyout would drop to a still prohibitive $2 million, and for years six through nine he would cough up $1 million.
On the other side, the university has granted Crean a considerable amount of job security for the challenge set before him. He is guaranteed the lesser of his remaining salary or $3,000,000 if he is fired prematurely. Both these clauses make it unlikely that IU will experience more coaching turmoil in the near future. Crean will be given ample time to re-build the program and create his own legacy by restoring IU’s basketball reputation to its original luster.
Probably the most important part of the contract is Crean’s express acknowledgment that he will accept and comply with any sanctions brought upon the contract. Crean has a remarkably clean record, and although it’s doubtful that he would cut corners, the university is thankfully taking no chances from here on forward.
For those of you still cringing at the sheer magnitude of the contract, remember the importance that basketball has to our school. When it’s successful, basketball generates a large amount of revenues, keeps supportive alumni happy, and generates popularity and prestige for the university, all things that help the entire institution as a whole.
The university followed up big with a home-run contract for a home-run candidate, which should pay major dividends over the next decade. By learning from its recent mistakes, the university was able to strike a deal that should prove great for all involved parties.
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