Mike Elko set to earn at least $7 million yearly as A&M head coach
COLLEGE STATION, Texas (KBTX) – Texas A&M released the details Monday of new head football coach Mike Elko’s proposed contract. With a six-year contract term, Elko starts at a base salary of $7 million.
During the new coach’s welcome celebration, the university released Elko’s key contract terms. Within that contract are several incentives for the coach to hit, including:
Texas A&M and Elko have signed a Memorandum of Understanding that includes the key terms they released Monday, while also noting that “additional terms are necessary to achieve a final agreement.” The agreement must be authorized and approved by the Texas A&M University System Board of Regents. A meeting is scheduled for Thursday, Nov. 30 to address the matter, the university says.
Other incentives in Elko’s contract include:
There is also a salary pool of $11 million for assistant coaches, analysts, operations, recruiting and strength & conditioning.
If the university decides to part ways with Elko without cause, Texas A&M will be obligated to “pay liquidated damages to the coach in an amount equal to 75% of the annual base salary for the remaining term of the agreement, if the university terminates the agreement without cause and there are three or more years remaining on the term of the agreement.” That percentage increases to 80% if there are less than three years remaining on the contract.
If Elko leaves without cause he will be responsible for “liquidated damages set at $6.5 million in year one and declining over the term of the contract.”
Elko made about $3.5 million yearly as a head coach at Duke University, according to USA Today. Duke restructured Elko’s contract and coaching salary pool last summer, according to CBS Sports.
