March Madness And Financial Success: NC State's Journey To The NCAA Tournament

Author Dalboyy 12 Nov 2024

The NCAA Tournament field is announced today, but we’ve already seen plenty of March Madness during conference tournaments. Several teams that had no chance of making the tournament otherwise have surprisingly won their conference tournaments, defeating top opponents in consecutive days. Perhaps the most impressive performance came from North Carolina State. The Wolfpack disposed of Louisville and Syracuse in the first two rounds, then defeated Duke, Virginia, and North Carolina — with legendary UNC coach Roy Williams in the crowd — in the final three days of the tournament. NC State needed to win all those games to go dancing, and after doing so, the school will hear its name called on Selection Sunday.

While there’s plenty to celebrate, NC State head coach Kevin Keatts will also be earning a nice financial bonus. His contract includes language that gives him a two-year contract extension and a raise for winning the ACC Tournament, plus a bonus for reaching the NCAA Tournament.

The Financial Windfall for Kevin Keatts

Keatts's contract will now run through the 2029-30 season. Starting next year, he’ll get a $400,000 annual raise. He’ll also receive $100,000 for winning the ACC Tournament and at least $25,000 for making the NCAA Tournament. This financial boost is a big incentive for coaches, especially after a successful season.

There’s a bit of math to figure out Keatts' total compensation, so let’s start with the easiest part: the $100,000 for winning the ACC Tournament. By winning the conference, the Wolfpack are guaranteed a spot in the Round of 64 (as opposed to a First Four appearance), so Keatts will also get at least a $25,000 bonus. He’ll have the chance to earn more for any victories his team gets in the NCAA Tournament.

Breaking Down the Numbers

Keatts currently makes $2.7 million per year. Add $400,000 to each of the four years remaining on his original contract, and that’s $1.6 million. Assuming no additional raises, he’ll make $3.1 million during the 2028-29 and 2029-30 seasons, potentially $7,925,000 in extra money.

Base Salary: Currently, Keatts’ base salary is $1.5 million.
Future Increases: It will increase to $1.54 million next season.
Potential Earnings: If he stays, he could make $2,525,000 at the very least.

The Impact of Potential Job Changes

Things get complicated if Keatts gets fired without cause sometime over the next six years. His money is split between a base salary and supplemental compensation, which includes nonprofit and media appearances, shoe agreements, and letting the university use his name, image, and likeness in promotional materials. This structure makes financial forecasting difficult.

Should the university fire Keatts, he’d only earn his base salary as a buyout, not the supplemental income. This means that while he has a lucrative contract now, job security is also a crucial factor in ensuring he receives the full benefits of his agreement. The stakes are high in collegiate sports, and coaches often face pressure to perform.

Final Thoughts on March Madness and Financial Success

In conclusion, Keatts will make $2,525,000 at the very least, and he could make just shy of $8 million. Not bad for a week’s worth of work! The combination of athletic success and financial rewards showcases the exciting and unpredictable nature of March Madness, where not only teams but also coaches can achieve great things!

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