The University of Minnesota’s Board of Regents approved new men’s basketball coach Niko Medved’s contract in a special meeting Friday.
The Regents reviewed and approved Medved’s deal by a 9-0 vote, with three members absent. In a video call to the governing body, Gophers athletics director Mark Coyle presented Medved’s six-year, $18.5 million contract through 2031.
The biggest addition from the memo of understanding signed by Medved on March 24 is the buyout terms to be paid to Medved’s previous school, Colorado State. The contract says the U will cover the cost of $2.55 million. The memo said it would pay “up to and not exceed” $3.1 million.
Another additional element is a built-in contract extension stating Medved will receive a one-time, one-year extension if the university receives an NCAA Tournament invitation, wins the Big Ten regular-season or conference tournament title, or finishes in the Top 4 in the Big Ten regular season in any contract year.
A carry-over clause from the memo to the contract says after the second year, a 60-day window will allow for a “good faith review” of the agreement to “determine whether enhancements should be made.” This is when a more lucrative or lengthy extension might come.
Salary and buyout terms with the U were unchanged from the memo to the contract.
Medved’s $3 million total annual compensation ranks near the bottom when compared to other Big Ten men’s basketball coaches. His salary will include $100,000 annual increases to max out at $3.5 million on 2030-31 season.
If Medved leaves the U to accept any coaching position, he owes the U $10 million in Year 1; $7 million in Year 2; $5 million in Year 3; $3 million in Year 4; $500,000 in Year 5; $0 in Year 6.
If the U terminates Medved’s contract without cause in the first three contract years, the fee is equal to the full amount of remaining total compensation if he remained employed for the full term of the deal. If notice is given after Year 3, the U will pay a fee of 75% of the remaining total compensation on the contract.
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