Bloomington – Tom Crean has been on the job for more than four months, but he's now officially under contract with Indiana University as the men's basketball coach.
Crean's 10-year, $23.6 million deal was officially signed Aug. 11 and replaces the "Memorandum of Understanding" that Crean signed April 1. The original agreement was an eight-year, $18.24 million deal, but the university recently agreed to add two more years and $5.36 million to Crean's contract shortly after IU Athletics Director Rick Greenspan announced his intentions to resign at the end of the calendar year.
"I appreciate the confidence that President (Michael) McRobbie and the University have shown in me by offering the two additional years to the agreement," Crean said in a prepared statement. "It is a great responsibility to lead this program and I look forward to the challenge of bringing the program the respect it deserves. The process of restoring this great program is going to take a lot of time, more than probably any of us anticipated."
Most of the monetary components of the contract remain the same. Crean's annual guaranteed salary starts at $2 million this season and includes an annual $80,000 raise, topping out $2.72 in the final year of the deal (2017-18). The buyouts also remain in place, obligating Crean to pay $3 million if he were to leave in years 1-3 of the deal, $2 million is years 4-5, and $1 million in years 6-10.
Crean's contract also include a variety of performance bonuses that could pay him as much as $560,000 annually. The deal provides for a $250,000 bonus if IU wins the national championship; a $125,000 bonus if IU advances to the Final Four; a $125,000 bonus if IU wins the Big Ten regular season championship; and a $50,000 bonus if IU wins the Big Ten postseason tournament. In addition, the contract includes NCAA Tournament bonuses for advancing to the second round ($25,000), Sweet 16 ($35,000) and Elite Eight ($50,000).
After a very successful run at Marquette, Crean has taken over an Indiana program that is still dealing with the on-going NCAA investigation into former Coach Kelvin Sampson and his staff. That situation and the self-imposed penalties that Crean inherited were big reasons why IU and Crean both wanted to strike such a long-term deal.
"I left a very special situation at Marquette when Indiana offered me this opportunity," Crean said. "I wanted to make sure that if I left, I would be going to a place that would be a destination for my family and allow me to build a program for the long haul with the same security."
Keep up with the Hoosiers for less than $10 per month!! Sign up for a 7-day Free Trial to HoosierNation.com to what you've been missing. You'll get recruiting updates, recruit videos, expert commentary, breaking news - everything you need from HoosierNation.com!! Try it for seven days...FOR FREE!!
Crean's 10-Year Deal Is Finalized
Peegs.com Top Stories
Hoosier Newsstand, Sep. 25Get the latest articles on Indiana basketball, football and other sports in today's edition of the Hoosier Newsstand.
IU-Wake Forest Notebook: Jones has big dayThe Peegs.com notebook looks at the big day for WR Ricky Jones, another week where there was a special teams breakdown, and what a few IU defensive players thought about their…
The Peegs Podcast: The Morning AfterIndiana fell 33-28 to Wake Forest in a game that saw IU play solid defense yet turn the ball over five times. Ben Wittenstein from WIUX, who also happens to be a contributor to…
Peegs.comYesterday at 9:15 PM
Richard Lagow and a QB's wild dayIndiana quarterback Richard Lagow had a wild day. He set a school record for passing yards in game with 496, but, after not throwing an interception his first two games combined,…
Peegs.comYesterday at 7:25 PM