Kevin Keatts stressed Tuesday that his move to UNCW had little to do with money, but the new men’s basketball coach will be the university’s highest paid employee.
Keatts joins the Seahawks on a five-year contract that guarantees him at least $325,000 per year, according to a copy of the deal released by the university Tuesday. He could be guaranteed as much as $425,000 in the final year of the deal.
“I’m well-compensated here and extremely happy with my contract, but I didn’t take the job for the money,” Keatts said in his introductory press conference. “I took the job for the people and the opportunity. That’s what’s exciting to me.”
Keatts’ contract includes a base salary of $300,000 per year plus supplemental income that starts at $25,000 per year and increases as it moves forward.
Athletic director Jimmy Bass said UNCW went into the coaching search with a ceiling on what it was willing to guarantee, and this deal fell in line with that after “amicable” negotiations on the contract lasted about three days.
The deal — which runs through March 31, 2019 — provides bonuses for academic performance ($10,000 for APR score over 960) and on-court achievement ($25,000 for CAA regular season and tournament titles, NCAA postseason appearances and Top 100 RPI finish).
It also calls for him to receive 20 percent of season ticket sales revenue in excess of $185,000. That figure represents the targeted total included in the preliminary 2014-2015 athletic budget.
Bass said the incentives are in line with deals for coaches in revenue sports across the state.
Perhaps the most interesting part of the deal is tied to Keatts’ supplemental income that can increase throughout the contract. That total will be $25,000 guaranteed in the first year and rise to $50,000 in the second year.
After that, any raise is tied to performance. The Seahawks must have a .500 or better record in CAA play for him to qualify for raises in the last three years of his deal.
The supplemental income can increase $25,000 each season, meaning it would reach $125,000 in the final year if the team meets that mark. He must also record 16 radio and 16 TV shows per year and make at least 10 Seahawk Club appearances to qualify for the raises.
“I think the underlying message is that we want to be successful and when we’re successful, he’s going to prosper,” Bass said. “When he brings the success back to this program and the winning and the postseason participation, he’s going to share in the profit, and there’s nothing wrong with that.”
Keatts would face a stiff buyout if he leaves within the first two years of the deal. He’d have to pay the university $400,000 to leave before April 1, 2015, and $200,000 if he goes elsewhere in the second year of the deal. There is no penalty in the final three years of the contract.
UNCW is only obligated to pay the $300,000 base salary per year if it fires him before the completion of the deal.
That’s different from its agreement with Buzz Peterson. The former coach was set to earn $240,000 in base salary for each of the final two seasons of his contract, but UNCW also had to pay the extra $200,000 per year in supplemental income guaranteed by the contract. The university’s total payout to Peterson not to coach over the next two years will exceed $960,000, provided the former coach doesn’t earn any additional income.
Keatts had been making $280,000 per year as the associate head coach at Louisville, according to a database compiled by the Courier-Journal. The coach’s new deal doesn’t reach the guaranteed payout given to Peterson, who came to UNCW with 12 years of previous Division I head coaching experience, but it does compare favorably to other coaches in the Colonial Athletic Association.
“Honestly, I hope we’re renegotiating his contract after three (successful) years,” Bass said. “That’s my goal.”
Here is a list of 2013-2014 base salaries for the head coaches at the four other CAA schools subject to open records requests:
William & Mary- Tony Shaver: $224,000 (Plus additional $25,000 guaranteed per year for at least $249,000)
College of Charleston- Doug Wojcik: $400,000
James Madison- Matt Brady: $302,000
Towson- Pat Skerry: $300,000
Keatts joins the Seahawks on a five-year contract that guarantees him at least $325,000 per year, according to a copy of the deal released by the university Tuesday. He could be guaranteed as much as $425,000 in the final year of the deal.
“I’m well-compensated here and extremely happy with my contract, but I didn’t take the job for the money,” Keatts said in his introductory press conference. “I took the job for the people and the opportunity. That’s what’s exciting to me.”
Keatts’ contract includes a base salary of $300,000 per year plus supplemental income that starts at $25,000 per year and increases as it moves forward.
Athletic director Jimmy Bass said UNCW went into the coaching search with a ceiling on what it was willing to guarantee, and this deal fell in line with that after “amicable” negotiations on the contract lasted about three days.
The deal — which runs through March 31, 2019 — provides bonuses for academic performance ($10,000 for APR score over 960) and on-court achievement ($25,000 for CAA regular season and tournament titles, NCAA postseason appearances and Top 100 RPI finish).
It also calls for him to receive 20 percent of season ticket sales revenue in excess of $185,000. That figure represents the targeted total included in the preliminary 2014-2015 athletic budget.
Bass said the incentives are in line with deals for coaches in revenue sports across the state.
Perhaps the most interesting part of the deal is tied to Keatts’ supplemental income that can increase throughout the contract. That total will be $25,000 guaranteed in the first year and rise to $50,000 in the second year.
After that, any raise is tied to performance. The Seahawks must have a .500 or better record in CAA play for him to qualify for raises in the last three years of his deal.
The supplemental income can increase $25,000 each season, meaning it would reach $125,000 in the final year if the team meets that mark. He must also record 16 radio and 16 TV shows per year and make at least 10 Seahawk Club appearances to qualify for the raises.
“I think the underlying message is that we want to be successful and when we’re successful, he’s going to prosper,” Bass said. “When he brings the success back to this program and the winning and the postseason participation, he’s going to share in the profit, and there’s nothing wrong with that.”
Keatts would face a stiff buyout if he leaves within the first two years of the deal. He’d have to pay the university $400,000 to leave before April 1, 2015, and $200,000 if he goes elsewhere in the second year of the deal. There is no penalty in the final three years of the contract.
UNCW is only obligated to pay the $300,000 base salary per year if it fires him before the completion of the deal.
That’s different from its agreement with Buzz Peterson. The former coach was set to earn $240,000 in base salary for each of the final two seasons of his contract, but UNCW also had to pay the extra $200,000 per year in supplemental income guaranteed by the contract. The university’s total payout to Peterson not to coach over the next two years will exceed $960,000, provided the former coach doesn’t earn any additional income.
Keatts had been making $280,000 per year as the associate head coach at Louisville, according to a database compiled by the Courier-Journal. The coach’s new deal doesn’t reach the guaranteed payout given to Peterson, who came to UNCW with 12 years of previous Division I head coaching experience, but it does compare favorably to other coaches in the Colonial Athletic Association.
“Honestly, I hope we’re renegotiating his contract after three (successful) years,” Bass said. “That’s my goal.”
Here is a list of 2013-2014 base salaries for the head coaches at the four other CAA schools subject to open records requests:
William & Mary- Tony Shaver: $224,000 (Plus additional $25,000 guaranteed per year for at least $249,000)
College of Charleston- Doug Wojcik: $400,000
James Madison- Matt Brady: $302,000
Towson- Pat Skerry: $300,000
