Rutgers approves contract extension for Steve Pikiell | Here are the details - NJ.com

The Rutgers University Board of Governors on Friday approved a two-year contract extension for Scarlet Knights men’s basketball coach Steve Pikiell.

NJ Advance Media on Wednesday first reported the deal was agreed to, and on Friday obtained a contract that shows the university extending his contract through the 2025-26 season.

From 2019-20 through 2025-26, Pikiell’s new contract stipulates guaranteed compensation of $20 million, plus performance and retention bonuses. Pikiell’s previous deal included $300,000 retention bonuses in July 2020 and July 2023. The new one also includes a $300,000 retention bonus payable on July 1, 2025, if Pikell stays employed by Rutgers as of that date.

His buyout was set at $3 million if he was to leave after this season. The buyout now is set at $5 million, and it decreases $1 million each following ear during the term of the contract.

Here is the annual salary breakdown:

2019-20: $1.7 million

2020-21: $2.2 million

2021-22: $2.6 million

2022-23: $3 million

2023-24: $3.25 million

2024-25: $3.5 million

2025-26: $3.75 million

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"I’m honored to be the head coach at Rutgers,” Pikiell said in a statement. “My wife Kate and I are especially grateful for the support our family has received from the university community. Every day this program gets better and that is because of the commitment and hard work of my coaching staff and our student-athletes. I love coming to work and there is much more work to do. Pat Hobbs and Rutgers have made an investment in me, and I intend to do everything possible to provide a return that makes this great university very proud.”

Hired in March 2016, Rutgers initially gave Pikiell a five-year deal worth an average of $1.6 million annually. His initial contract was set to run though March 31, 2021, starting off at $1.4 million and topping off at $1.8 million for the 2020-21 campaign.

In January 2018, Pikiell received a contract extension that ran through the 2023-24 season. That deal guaranteed Pikiell $1.7 million for this current season and was scheduled to give Pikiell $2.2 million next season, followed by salaries of $2.6 million, $3 million and $3.25 million in the final three years. Pikiell was also due a set of $300,000 retention bonuses in July 2020 and July 2023.

Pikiell earned $1.7 million in 2019, according the university payroll records.

Pikiell’s new deal will make his the second-highest state employee, behind Scarlet Knights football coach Greg Schiano. Upon returning as the Rutgers football coach in December 2019, Schiano in signed an eight-year, $32 million deal.

Schiano earns $4 million annually, but if he is fired without cause at any point in the contract, he will be paid 76.875% of his remaining salary; the payout from that point will not exceed $24.6 million. Schiano’s buyout to break the contract begins at $8 million if he leaves Rutgers prior to Dec. 1, 2020, and it decreases to $6 million after Year 2, to $4 million after Year 3, to $3 million after Year 4, to $2 million after Year 5 and to $1 million for the final three years of the deal.

A Naismith Coach of the Year candidate, Pikiell has guided the Scarlet Knights to an 18-11 record overall and a 9-9 mark in Big Ten play. Rutgers, seeking its first NCAA Tournament berth since 1991, will need to win at least one of its final two regular-season games — next Tuesday versus Maryland in Piscataway and March 7 at Purdue — in order to feel comfortable about its postseason chances.

“In just four years Steve has transformed our men’s basketball program,” Rutgers Athletics Director Pat Hobbs said in a statement. “Our program is excelling on the court and in the classroom. The RAC has been electric this year. This extension ensures that Steve Pikiell will be leading our program for many years to come. I am enormously appreciative of his leadership.”

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Keith Sargeant may be reached at ksargeant@njadvancemedia.com. Follow him on Twitter @KSargeantNJ. Find NJ.com Rutgers Football on Facebook.

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