Just more than two months after a new 10-year contract for ISU football coach Paul Rhoads was announced on Dec. 16, the Daily has received a copy of the finalized contract that extends Rhoads’ employment to Dec. 31, 2021.
"To say that I'm appreciative and humbled is a huge understatement," Rhoads said in a news release on Dec. 16. "So many people have contributed to what has been achieved in our program the first three years. I want to thank [former] President [Gregory] Geoffroy and Jamie Pollard, who personally met with me to begin contract talks after the Kansas game in early November. The support of everyone in Cyclone Nation has been fantastic. It's great to be a Cyclone."
According to the 14-page contract, Rhoads, who according to USA Today made $1,151,500 in 2011, will make a total of $1.6 million in 2012. Within that sum, $375,000 will be base pay and the other $1.225 million will be in secondary services including public relations and endorsement activities, as well as sports equipment and apparel contracts.
While Rhoads’ base pay will remain at $375,000 throughout the duration of the new contract, the money earned in secondary services will increase each year by $100,000 beginning Jan. 1, 2013. With the yearly increase, Rhoads is set to make $2.5 million dollars in the final year of his contract.
The new contract also includes the following seven performance incentives that total an annual high of $950,000.
The performance incentives are:
• $200,000 in any year that the football team wins seven or more regular season games.
• $250,000 each time the football team wins or ties for the Big 12 Conference regular season championship.
• $250,000 each time the football team wins the BCS National Championship game.
• $100,000 each time the football team participates in a postseason bowl game.
• $100,000 each time the football team finishes the year ranked in the top 25 in either the final USA Today/ESPN Coaches Poll or the AP Poll. Only one incentive award will be given if the team finishes in Top 25 of both polls.
• $25,000 each time Rhoads is named Big 12 Coach of the Year.
• $25,000 each time Rhoads is named National Coach of the Year.
In addition to the performance incentives, Rhoads’ contract includes two retention payments, each totaling $300,000 if Rhoads is still employed as coach. The first retention payment will be made if Rhoads is still coach on Feb. 15, 2015, and the second will be made if Rhoads is still coach on Feb. 15, 2018.
If the contract is terminated by the university under just cause, which includes such incidences as criminal violations, university, Big 12 or NCAA violations or “serious or intentional” violations of the contract, Rhoads will not receive any additional money beyond the end of the month for which the termination occurs.
If the university terminates the contract without just cause, which includes termination based on coaching decisions, the win-loss record or other general displeasure with the football program or “public unhappiness” with the football program, Rhoads will receive an amount equal to $750,000 times the number of years remaining on the contract.
If Rhoads decides to take another head coaching position either at a Division 1 school or in the National Football League, he must pay the lesser amount of either $1 million or the total remaining contractual compensation owed to the unemployed member of Rhoads' staff.
The ISU football team will begin spring practices in preparation for the 2012 season in late March. No start date for those practices has been announced.
Jake Calhoun contributed to this article.