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The University of Illinois officially introduced Brad Underwood as their new head basketball coach on Monday afternoon. We’ll have video of the full press conference up on the site once it’s been made available by the athletic department, but for now, here are the full details on Underwood’s 6-year, $18 million contract.
Note: Illinois will pay a $3 million buyout in order to secure Underwood’s full release from Oklahoma State.
Brad Underwood’s Annual Compensation
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 |
|---|---|---|---|---|---|
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 |
| $2.75 Million | $2.85 Million | $2.95 Million | $3.05 Million | $3.15 Million | $3.25 Million |
Additionally, Underwood will receive the following benefits as part of his contract:
- Eligibility for plans, programs, leave etc. open to employees
- Use of two automobiles
- Country club membership
- Relocation costs
- Ticket access
There are also retention incentives in the agreement. If Underwood is still Illinois’ head coach on 5/1/2020, he’ll receive an extra $600,000; the same will happen a second time on 5/1/2022.
Brad Underwood’s Buyout Information
| Termination Date | Liquidated Damages |
|---|---|
| Termination Date | Liquidated Damages |
| 03/18/2017 - 04/30/2018 | $8,500,000 |
| 05/1/2018 - 04/30/2019 | $7,400,000 |
| 05/1/2019 - 04/30/2020 | $6,300,000 |
| 05/1/2020 - 04/30/2021 | $3,000,000 |
| 05/1/2021 - 04/30/2022 | $2,000,000 |
| 05/1/2022 - 04/30/2023 | $1,000,000 |
Lastly, the assistant salary pool (three full-time coaches) has increased to $850,000, and the support staff pool (six members) has been set at $550,000.