Steve Lutz contract details emerge, include $2.3 million salary and performance incentives
Apr. 29—Steve Lutz is the 58th highest-paid men's basketball coach and the 12th highest in the Big 12 Conference in terms of annual salary.
The Stillwater News Press obtained contract details on his five-year, $13.5 million deal that is effective until March 31, 2029.
The contract is laden with performance incentives. Lutz will earn $100,000 for a regular season Big 12 Championship and $50,000 for the following marks:
* Big 12 tournament championship
* NCAA Tournament appearance
* Round of 32 appearance
* Sweet 16 appearance
* Elite 8 appearance
* Final Four appearance
* NCAA Championship Game appearance
Lutz will earn an additional $150,000 for a national championship.
Additional compensation includes a Karsten Creek membership, four tickets to OSU football games, a luxury suite at Gallagher-Iba Arena, eight tickets to home basketball games, 12 postseason basketball tickets and moving and housing expenses for up to three months.
Between the $9 million buyout of Mike Boynton's contract, and the $2 million needed to buy out Lutz from his contract with Western Kentucky and the new annual salary for Lutz, the total cost of the coaching change is $24 million.
Lutz's buyout decreases every year on April 1. The buyout amounts are as follows by year, post April 1:
2025: $6.75 million
2026: $5.14 million
2027: $2.73 million
2028: $1.26 million
Lutz was announced as Oklahoma State's men's basketball coach on April 1, was introduced to the public via a press conference at Gallagher-Iba Arena on April 4 and officially signed his contract on April 5.
