Former Chicago Bulls Coach Fred Hoiberg will return to the sidelines at the college level next season after signing a seven-year contract with Nebraska that runs through the 2026 season. Stadium obtained the memorandum of understanding via public records request.
His base salary will start at $2.5 million in the first year before climbing to $3.5 million in Year 3.
His base salary is outlined below:
- Year 1: $2.5 million
- Year 2: $3 million
- Year 3: $3.5 million
- Year 4: $3.5 million
- Year 5: $3.5 million
- Year 6: $3.5 million
- Year 7: $3.5 million
Hoiberg can also receive a retention bonus by staying at Nebraska through specified dates.
- $1 million – If he’s still employed at Nebraska on July 1, 2020
- $500,000 – If he’s still employed at Nebraska on March 31, 2024
- $500,000 – If he’s still employed at Nebraska on March 31, 2025
Hoiberg’s incentive structure is outlined below.
- $100,000 – For winning the Big Ten and/or the Big Ten Tournament
- $150,000 – For Nebraska making the NCAA Tournament, plus the greater of:
- $30,000 – If Nebraska advances to the Round of 32
- $40,000 – If Nebraska advances to the Sweet 16
- $55,000 – If Nebraska advances to the Elite Eight
- $75,000 – If Nebraska advances to the Final Four
- $300,000 – If Nebraska wins the national championship
If Nebraska terminates Hoiberg’s contract, the university will owe him his base salary per year or portion of a year through the end of the contract term plus all retention bonuses, minus the amount that Hoiberg receives during the term of the contract from other employment.
Hoiberg will receive an assistant coach salary pool of $1,000,000 for his three assistant coaches. The assistant coaches will have two-year contracts.
Hoiberg’s first assistant coaching hire at Nebraska was former St. John’s assistant Matt Abdelmassih, who was on Hoiberg’s staff at Iowa State. He’ll make $380,000 annually.
Nebraska’s assistant coaches will be entitled to bonuses as outlined below:
- 15% of salary if Nebraska wins the Big Ten regular season or tournament championship
- The greater of:
- 10% of salary if Nebraska makes the NCAA Tournament
- 15% of salary if Nebraska makes the Sweet 16
- 20% of salary if Nebraska makes the Final Four
- 25% of salary if Nebraska wins the national championship
If Hoiberg were to leave Nebraska to be the head coach at another school, he would owe the university liquidated damages that are outlined below:
- Year 1: $11.5 million
- Year 2: $10.25 million
- Year 3: $8.75 million
- Year 4: $7 million
- Year 5: $5.25 million
Hoiberg wouldn’t owe Nebraska any liquidated damages if he left the school during Year 6 or 7.
If Hoiberg leaves Nebraska for a basketball coaching opportunity other than an NCAA DI head coach or to become an executive in a basketball-related field (read: an NBA coach or executive), he’d owe the university the liquidated damages that are outlined below:
- Year 1: $2.5 million
- Year 2: $2 million
- Year 3: $1.5 million
- Year 4: $500,000
- Year 5: $250,000