CHARLOTTE, N.C. – North Carolina head coach Larry Fedora’s new seven-year contract has a total compensation package worth more than $3 million annually and will move him into the top-25 nationally in coaching salaries, according to a source familiar with the deal.
UNC announced the new contract, which runs through the end of the 2022 season, on Saturday. In addition to the increased compensation package, Fedora’s buyout for next season - which was $250,000 under the existing deal - will increase beyond $1 million, the source confirmed.
The contract also includes an increase in the assistant coach budget, per the source.
Fedora led UNC to 11 straight wins and an 8-0 conference record (11-2 overall) in his fourth year at the helm. The 10th-ranked Tar Heels lost to No. 1 Clemson in the ACC Championship Game on Saturday night.
"Coach Fedora has done an outstanding job of leading our football program and I am pleased that he has agreed to be our coach well into the next decade," UNC athletic director Bubba Cunningham said in a school release. "He has helped to lift Carolina football into the national discussion and put our program in a position to compete for championships on a consistent basis while also allowing our student-athletes to succeed in the classroom and have a positive impact in the community."
The terms of the contract have yet to be formally approved by the Board of Trustees.
"For our program, the future is extremely bright," Fedora said following the conference championship game. "I think our administration sees this program is going in the right direction, they know what we’ve overcome and they’re pretty excited about it also. I know our players are, and i know the other players in the state, they see it and they’re excited about it. It should be some more fun in the future."
Fedora originally signed a seven-year deal worth $1.73 million before retention and performance bonuses in December 2011. He began earning annual retention bonuses after the 2014 season. He was scheduled to make $1,931,000 in 2015, according to USA Today, although that figure does not include his significant media and apparel contracts.