The contract, which was approved by the K-State Athletics, Inc., Board of Directors and President Kirk Schulz, includes average annual compensation for the 2010-11 through 2014-15 years of $1.55 million (base salary plus retention bonuses).
"Coach Martin is a tremendous fit for Kansas State," Currie said. "With this contract in place, Coach Martin has made a long-term commitment to K-State and K-State has made a long-term commitment to him. We are confident that under his leadership K-State basketball will continue to elevate its national presence."
The contract also includes significant performance incentives that could reward Martin up to an additional 32-percent of his base salary for each contract year. In addition, he will earn $25,000 if selected by the Big 12 Conference as the men's basketball coach of the year and $50,000 if honored as National Coach of the Year by the National Basketball Coaches Association and/or Associated Press.
There are also incentives that could reward Martin up to an additional $100,000 annually for APR and graduation rate achievements. The retention incentive components of the contract call for a $250,000 payment if Martin remains as coach through the 2011-12 season, and an additional $500,000 payment if he remains the head coach of the Wildcats through the 2014-15 season.
"I am extremely grateful to Dr. Kirk Schulz and John Currie for their commitment to my staff and me as we continue to lead the basketball program here at K-State," Martin said. "We, along with our families, are blessed to be a part of this university, the Manhattan community and to have such loyal and wonderful fans."
Coach Martin also will receive a $462,800 signing bonus for signing the contract by March 8, 2010. Half the signing bonus would be forfeited if he left K-State prior to the beginning of the 2010-2011 season.
"As I watched and evaluated our basketball team and staff since my arrival last June, it became evident that Coach Martin has transformed our program in many ways," Currie said. "Not only has he put a championship-level product on the court, but he has put a strong emphasis on the improvement of the team's APR and sustainment of a high graduation rate of our student-athletes. He and Anya have created a family atmosphere for the program and have been terrific in promoting the overall goals of the department and university."
Under terms of the new contract, Martin will be paid a base salary of $1.2 million in the 2010-11 contract year, $1.3 million in 2011-12, $1.4 million in 2012-13, $1.5 million in 2013-14 and $1.6 million in 2014-15.
"Coach Martin and our men's basketball program have provided our University tremendous national exposure this season and we are grateful for his leadership and representation of Kansas State University," added Schulz, who recently announced a proposed university goal for Kansas State University to be recognized nationally as a top 50 public research university. "Those who support Kansas State want to invest in a university they perceive as moving upward to new heights of achievement in academic and athletic endeavors. We appreciate Coach Martin's commitment to the success of our student-athletes."
The contract requires K-State to pay Martin the lesser of $4 million or his remaining base salary if he is dismissed without cause over the lifetime of the contract.
Martin would owe Kansas State $2 million if he leaves his position following this season. This amount thereafter decreases to $1 million through April 15, 2012, $750,000 through May 14, 2013 and $500,000 through May 14, 2014.
The 43-year-old Martin is in his third season at the helm of the K-State program and continues to build on an already sound foundation.
Named today the Big 12 Coach of the Year by both the Associated Press and the league's coaches, Martin has K-State off to its best start since the 1958-59 season, while the current 24 victories and 11 conference wins are the most for the Wildcats in the Big 12 era and most since the 1987-88 squad won a school-record 25 games. The team earned its first Top 5 ranking in nearly 50 years last Monday when it rose to No. 5 in each poll. It marked the fifth straight Top 10 ranking this season, including the fourth in both major polls. He has guided the school to four wins over Top 25 teams, which is the most-ever by K-State in a regular season, including just its third-ever over a No. 1 team and first since 1994 with its 71-62 victory over Texas on Jan. 18.
Martin has posted a 67-30 (.691) record in his third season, which includes a 30-18 (.625) mark in Big 12 play. He now has the most wins by a head coach in his first three seasons, surpassing Lon Kruger, while the win over Colorado on Feb. 13 made him the first K-State head coach to have three 20-win seasons to start a career.
The academic performance of K-State's student-athletes has also dramatically improved under Coach Martin's leadership. The program's four-year men's basketball graduate rate of 75% is the highest in the Big 12, and the team's most recent APR score was the second-highest ever at .959.