Tom Izzo’s new contract includes retirement job, new buyout

EAST LANSING – Tom Izzo doesn’t know when he plans to retire as Michigan State’s head basketball coach, and he says it won’t be in the immediate future.

But whenever he does hang up his whistle, he has his next gig lined up.

Izzo’s new contract signed this month contains a provision spelling out an athletic department role following his tenure as Michigan State basketball coach. The full contract was released on Monday, two weeks after it was finalized.

Starting next year, Izzo can step down as Michigan State’s basketball coach and transition into a role of Special University Advisor to the Athletics Director. The job would include public appearances, fundraising and other duties.

The pay for that job would be $6.2 million for the first year, then $750,000 per year for five additional years. He’s required to provide the school notice of his intention to trigger the clause by April 30 in any given year.

The clause, which wasn’t in the previous version of Izzo’s contract from 2019, is similar to one that Mark Dantonio triggered following his February, 2020 retirement.

The new clause is among the biggest changes in Izzo’s new contract, aside from his pay bump that brings him to $6.2 million per year.

The other major change is to Izzo’s buyout: should the school fire him without cause, it would owe him $7 million. That number was previously around $1 million. Should Izzo leave to coach at another school, he would owe Michigan State $500,000.

Izzo also had one performance bonus added to his contract: $100,000 for winning the Big Ten tournament.

Izzo’s contract also includes the same perks afforded in his previous contract: private jet use, football tickets, a country club membership and more.

All together, the new contract makes Izzo the second-highest paid coach in college basketball, behind only Kentucky’s John Calipari.

“It is nice to know that they want to invest in me,” Izzo said of his contract on Monday in Grand Rapids.

Leave a Reply

Your email address will not be published. Required fields are marked *