Michigan State men's basketball coach Tom Izzo has signed a five-year extension worth approximately $6.2 million per year the university announced on Thursday.
“Twelve years ago, Tom Izzo said he would be a Spartan for Life, and today’s announcement further demonstrates and renews this commitment,” said MSU A.D. Alan Haller in a press release. “We have worked collaboratively to come up with a contract which benefits the University, Coach Izzo and his family.
Izzo’s five-year rollover contract includes non-performance related compensation of $5.92 million per year, including a $2.43 million base (up from an initial $430K base on his 2018 contract), $3.09 million in supplemental compensation and $400K from footwear and apparel provider Nike.
Total compensation including airplane use and additional fringe benefits adds up to a yearly compensation package with a value of approximately $6.2 million per year.
“Michigan State has been a home to me and my family for 40 years and I’m ecstatic to sign this contract,” said Izzo in the release.
“It means a great deal to me that the Board of Trustees, President Stanley, Alan Haller and the University continue to have the confidence in our program as we strive to be not only the best men’s basketball team in the country, but to play a role in helping every program in the department achieve success.
The 2022-23 season will mark Izzo’s 28th year as head coach on the Spartan sideline. A 2016 inductee into the Naismith Memorial Basketball Hall of Fame, he’s already established his status as one of the game’s all-time greats.
“Not only is Tom Izzo a Hall of Fame basketball coach, he’s a terrific ambassador for Michigan State University and Spartan Athletics," Hallar said.
"He means a great deal to our university, our department, our community and Spartans around the world. Although his legacy is cemented with a championship-filled resume, it’s very clear that Coach Izzo’s hungry to accomplish even more and bring great pride to Spartans everywhere. Michigan State is beyond lucky to have Tom Izzo as our head basketball coach!”
Izzo’s list of accomplishments includes the 2000 NCAA National Championship, 10 regular-season Big Ten Championships, six Big Ten Tournament titles, eight Final Four appearances and eight National Coach of the Year awards.
He has guided Michigan State to a Big Ten-record 24 straight NCAA Tournament appearances, while also equaling the record for most NCAA Tournament appearances by a Division I men’s coach. Izzo’s eight Final Four appearances rank fifth in college basketball history and first among active coaches, with no other active coach totaling more than five appearances.
"We greatly appreciate Coach Izzo’s commitment to our outstanding university and his competitive drive to keep Spartan Basketball as a national powerhouse,” said MSU President Samuel L. Stanley Jr., M.D.
“He is a committed Spartan, full of pride for all that we do – for all our athletics programs and student athletes, but also for our academic programs and every single student on our campus. On behalf of the Board of Trustees, we are all grateful for his continued leadership at MSU.”
With a career record of 666-267, Izzo has compiled more overall wins at a Big Ten school than any coach in conference history. The 666 victories are the fifth most by a coach through his first 27 seasons in college basketball history.
“We have worked hard to maintain championship standards and I’m as energized to coach now as I was when I started as the head coach in 1995," Izzo said.
"When you look at the last 10-12 seasons in men’s basketball and football, both under Coach Dantonio and Coach Tucker, you’d be hard-pressed to find a school with more success. But I know the best is yet to come – not only for our two programs, but for the entire department.
"This is an exciting time for Michigan State and there’s no better place to be in college athletics, with the support we have from the University, our students, our community and the tremendous Spartan alumni. I love Michigan State and I am proud and excited to continue the hard work to bring another national championship to East Lansing.”
The contract will require formal approval by the MSU Board of Trustees at their next meeting (Sept. 9, 2022).
A native of Iron Mountain, Michigan, Izzo has lived in Michigan all of his life other than a seven-week stint at the University of Tulsa in 1986. He’s an active volunteer in the community and in 2019, he and wife Lupe, and children Raquel and Steven, launched the Izzo Legacy Family Fund to support local charities and other organizations.