Million-dollar retention bonus, hefty buyout part of Hoiberg’s Husker hoops contract
Fred Hoiberg’s contract with Nebraska features a $1 million retention bonus if Hoiberg is still the Huskers’ coach on July 1, 2020, and a hefty buyout if he leaves for another NCAA Division I program, according to the memorandum of understanding document released Friday afternoon by the university.
The memorandum of understanding lays out the material terms of the contract, which will be finalized by Nebraska’s Board of Regents sometime in the coming days. Hoiberg signed the document on March 29, three days after Tim Miles was fired.
Hoiberg will be paid a base salary of $2.5 million his first season, $3 million his second season and $3.5 million each of the five remaining years of his contract, which runs through March 31, 2026, or NU’s final game of the 2025-26 season.
In addition to the $1 million retention bonus, Hoiberg will be paid $500,000 if employed on March 31, 2024, and another $500,000 if employed on March 31, 2025.
The language of Hoiberg’s contract would also make it financially difficult for the coach to leave for another Division I job in the first five years of his deal.
If Hoiberg were to resign at Nebraska for another DI job, he would owe Nebraska $11.5 million after Year 1, $10.25 million after Year 2, $8.75 million after Year 3, $7 million after Year 4 and $5.25 million after Year 5.
However, if Hoiberg were to resign for a basketball position (coaching or executive position) outside of NCAA D-I (i.e. the NBA), he would owe Nebraska $2.5 million after Year 1, $2 million after Year 2, $1.5 million after Year 3, $500,000 after Year 4 and $250,000 after Year 5.
In either scenario, Hoiberg would not owe the school anything should he leave in Year 6 or Year 7 of his deal.
As revealed Tuesday by Nebraska director of athletics Bill Moos, Hoiberg will have a $1 million pool from which to pay his assistants. Those three assistants will each receive two-year contracts.
The only assistant currently under contract, Matt Abdelmassih, will be paid $380,000 per year. That’s $123,800 more than Tim Miles’ top assistant, Michael Lewis, made last season.
If Hoiberg does what he was brought here to do — compete for Big Ten championships and win in the NCAA Tournament — he will receive multiple bonuses.
Nebraska will pay Hoiberg $100,000 for winning the Big Ten regular-season and/or tournament title.
He will get $150,000 for appearances in the NCAA Tournament, plus the greater of: $30,000 if NU makes the round of 32; $40,000 if NU makes the Sweet 16; $55,000 if NU makes the Elite Eight; $75,000 if NU makes the Final Four; and $300,000 if NU wins the national championship.
There are also the smaller accouterments standard in most coaching contracts — 20 hours of university-funded private air travel per year; 10 men’s basketball season tickets and six football season tickets; and university-funded travel for immediate family members to attend a minimum of eight regular-season road games and all postseason games.