Analyzing Justin Gainey's NC State Contract
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RALEIGH — NC State officially hired Justin Gainey to be the 22nd head coach of the men's basketball program on Tuesday, before he was introduced at the Lenovo Center the following day. Initial reports indicated that the new coach signed a five-year deal, which was confirmed to NC State On SI through an open records request on Wednesday.
As for the finer details of Gainey's contract, he'll see a massive increase in his annual salary from when he was the associate head coach at Tennessee, something not unexpected by anyone when he agreed to be the new head coach of the Wolfpack. What are some of the key numbers from Gainey's contract?
The finer details of the deal
In his first season with the Wolfpack, Gainey will net a total of $2.35 million from a combination of different things. His base salary begins at $1.785 million and will be supplemented by an additional $565,000. Over the course of his five-year deal with the Wolfpack, his total pay is set to increase by $100,000 each season. For reference, Will Wade had a $2.5 million salary for his lone season with the program after signing a six-year deal. His buyout ended at $4 million.
There are several sections in the bonus clauses for Gainey's contract as well. Academic incentives exist in the contract and could be as high as $300,000. They are dependent on some different factors, such as graduation rate and academic progress rate, for the team itself. That's all standard for any contract, but the key bonuses are always the incentive-based bonuses.
Gainey is eligible for a $100,000 bonus for an ACC regular-season title or an ACC Tournament title, and would get $50,000 if the team were the runner-up in the ACC championship game. The more lucrative bonuses come if Gainey is able to bring the Wolfpack to success in the NCAA Tournament. Those incentives increase with each round the Pack makes. These bonuses don't stack up.
NCAA Tournament Round | Gainey's Contract Bonus |
|---|---|
First Four | $30,000 |
Round of 64 | $50,000 |
Round of 32 | $75,000 |
Sweet 16 | $125,000 |
Elite Eight | $225,000 |
Final Four | $300,000 |
Championship Appearance | $350,000 |
Tournament Champion | $500,000 |
In his five seasons as Tennessee's associate head coach, Gainey helped the Volunteers to four Sweet 16 berths and three Elite Eight berths. If he's able to take the Wolfpack to similar heights, he'll be significantly improving his financial standing during his five years (for now) with the program.
The bonuses don't stop with the NCAA Tournament. Should Gainey have the Wolfpack ranked in the Top 25 of the final AP Poll, he'd receive a $50,000 bonus, or a $100,000 if the team is in the Top 10. Individual awards could net Gainey an additional $50,000 for ACC Coach of the Year or $100,000 for National Coach of the Year.
After all of the math, Gainey is eligible for up to $1.25 million in bonuses annually if things go perfectly. As for the buyout picture, if Gainey were to leave before April 1, 2027, he would owe NC State $5 million. The buyout decreases by a million every year after that.
Tucker Sennett graduated summa cum laude with a B.A. in Sports Journalism from the esteemed Walter Cronkite School of Journalism and Mass Communication at Arizona State University. A former basketball player, he has gained valuable experience working at Cronkite News and brings a deep passion for sports and reporting to his role as the NC State Wolfpack Beat Writer On SI.
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