BLOOMINGTON — New Indiana basketball coach Darian DeVries has signed a six-year deal worth $27 million, according to a memorandum of understanding the university provided to The Herald-Times.
DeVries will earn a base salary of $550,000 through the length of the contract and earn an annual outside, marketing and promotional income (supplemental income) starting at $3.7 million. His supplemental income will increase $100,000 on an annual basis.
His $4.25 million salary in the first year of the deal puts him among the top 20 paid coaches in the country, according to the USA Today salary database. Former IU coach Mike Woodson made $4.2 million in his final season as coach.
DeVries made $2.9 million — ranked No. 48 in the USA Today salary database — in his lone season at West Virginia.
The contract lays out a series of annual incentives that DeVries can earn including $125,000 for winning the Big Ten regular-season title, $50,000 for winning the conference tournament, $25,000 for earning a NCAA tournament bid (and additional incentives for each round) and $50,000 for winning various coach of the year awards.
He will receive a one-time signing bonus of $50,000 to assist with his relocation along with $25,000 for moving expenses.
Indiana also agreed to pay the buyout that DeVries owes West Virginia that is believed to be north of $4.6 million in a manner that is "tax-neutral" for the coach. The school has yet to reveal how much money it will pay out to Woodson as part of a separation agreement the parties were working on when he stepped down.
The school would owe DeVries 80% of his remaining compensation if he's terminated without cause, and if he were to resign he would have to pay a buyout back to the university that starts at $10 million and decreases on an annual basis.
While the contract doesn't outline a specific salary pool for his coaching and support staff, Indiana athletic director Scott Dolson told IndyStar that DeVries will have the same kind of resources that Woodson had last season to put together his ...
