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Tom Izzo signs new contract worth $6.2 million per year

MLive- Flint/Saginaw/Bay City logo MLive- Flint/Saginaw/Bay City 8/11/2022 Kyle Austin, mlive.com

EAST LANSING – As he enters his 28th season as Michigan State’s head coach, Tom Izzo is receiving a significant salary bump that will place him near the top of the sport.

Izzo has signed a new five-year rolling contract that pays him approximately $6.2 million in total compensation per year, the school announced on Thursday.

“Michigan State has been a home to me and my family for 40 years and I’m ecstatic to sign this contract,” Izzo said in a statement. “It means a great deal to me that the Board of Trustees, President Stanley, Alan Haller and the University continue to have the confidence in our program as we strive to be not only the best men’s basketball team in the country, but to play a role in helping every program in the department achieve success.

The contract is subject to approval at the Michigan State Board of Trustees’ Sept. 9 meeting.

Izzo’s compensation includes a $2.43 million base salary and $3.09 million in supplemental compensation, plus $400,000 from Nike. His total compensation figure also includes airplane use and other fringe benefits to bring it to a total of approximately $6.2 million.

Izzo will now be among the three highest-paid coaches in the sport, according to USA Today’s salary database, trailing only Kansas’ Bill Self and Kentucky’s John Calipari.

“Twelve years ago, Tom Izzo said he would be a Spartan for Life, and today’s announcement further demonstrates and renews this commitment,” Spartans Athletic Director Alan Haller said in a statement. “We have worked collaboratively to come up with a contract which benefits the university, coach Izzo and his family.

The full contract, including bonus structure and buyouts, was not immediately available.

The new contract is a significant salary bump from the $3.8 million he made annually under his previous contract. Izzo also earned a $4 million retention bonus earlier this year.

Izzo’s new contract comes less than a year after Mel Tucker signed a 10-year, $95 million contract.

In his 27 seasons at Michigan State, Izzo has a national championship, eight Final Four appearances, 10 Big Ten titles and 24 consecutive NCAA Tournament appearances.

©2022 Advance Local Media LLC. Visit mlive.com. Distributed by Tribune Content Agency, LLC.

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