Salary increase, retention bonus part of Purdue basketball coach Matt Painter's amended contract
WEST LAFAYETTE - An increase in total base compensation awaits Purdue men's basketball coach Matt Painter.
On Friday, the Board of Trustees approved amending Painter's contract, including a $350,000 raise heading into this season. Painter is guaranteed $3.55 million for the 2022-23 season. His total base compensation will increase to $3.67 million in 2023-24 and $3.75 million in 2024-25.
Purdue added a one-time retention bonus of $450,000 if Painter remains the school's basketball coach on Sept. 1, 2024. During the 2024-25 season, Painter will earn a guaranteed $4.2 million.
Painter's apparel allowance from Nike was also increased to $30,000 - up from $25,000 - and if he leaves Purdue before the end of his contract, his buyout remains at $1 million.
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Painter's yearly guaranteed compensation involves base salary, supplemental stipend, supplemental retirement contribution and life insurance premium advance.
On July 1, 2019, Painter's contract was converted to a rolling five-year term with automatic one-year extensions. Either party can give advance notice by May of any year that it does not wish to trigger the next extension year.
Entering the 2022-23 season, Painter owns a 409-197 record in 18 years as a head coach, including 384 wins in 17 seasons at Purdue. Painter ranks second on the school’s all-time wins list.
Mike Carmin covers Purdue sports for the Journal & Courier and USA Today Network. Email mcarmin@gannett.com and follow on Twitter and Instagram @carmin_jc
This article originally appeared on Lafayette Journal & Courier: Purdue basketball: Salary increase, bonus in Matt Painter's contract
