Oct 20, 2013, 12:15 PM EDT
In this day and age, job security is seemingly as important as a high-paying job.
For Shaka Smart, he has both at Virginia Commonwealth.
On October 11th, Smart signed a new contract with VCU — different from the one he signed this past March — that enables the 36 year old coach to remain in his current job through 2028. The previous deal went through 2023.
According to Paul Woody of the Richmond Times-Dispatch, Smart’s base salary is $450,000 per year, but his supplemental income increases from $800,000 to $950,000 with the new deal. Furthermore, Smart’s guaranteed compensation is $1.45 million in the first year of the contract and $1.5 million in subsequent years.
What makes it such a unique contract are the many incentives:
In addition to his base salary and supplemental income, the contract states Smart will receive $25,000 per year for university sponsored radio and television appearances.
Smart can be required to speak at or attend events or functions sponsored by the university, the university development office and other affiliated organizations that benefit the university directly or indirectly.
He will receive $25,000 annually for such appearances.
Other potential compensation includes $6,500 for every VCU game broadcast nationally and $3,500 per game broadcast outside the VCU or Atlantic 10 package.
Smart will receive $5,000 for a victory over a member of the ACC — four are on VCU’s schedule this season — and $2,000 for defeating Old Dominion.
If the Rams miss the NCAA tournament but are selected for the NIT, Smart will receive $2,000. He can make as much as $31,000 if VCU wins the NIT.
If the Rams win 20 or more games in a season, Smart receives a $20,000 bonus.
There also are incentives for players’ academic performances. Smart receives $4,000 for each player who graduates by the summer of the completion of his athletic eligibility and $2,000 per player for any who graduate within one year of the completion of their eligibility.
Smart’s new contract sends a message of program stability and reaffirms to prospective recruits and donors that Smart is content at VCU. Recall that his name was continually being mentioned for big time jobs in the past, namely Illinois, Minnesota UCLA, and USC.
Smart became VCU’s coach in 2009 after Anthony Grant left to take the head coaching position at Alabama. In his four years at the helm, Smart has advanced to the NCAA Tournament three seasons, and went to the Final Four in 2011 as a No. 11 seed. He has a record of 111-37 over the four seasons.
- 2014 American Athletic Conference Tournament Preview: Louisville looks to win its only year in the AAC 1
- NBCSports.com National Player of the Year: Doug McDermott, Creighton 2
- 2014 ACC Tournament Preview: Will a newcomer crash the party in Greensboro? 1
- NBCSports.com National Freshman of the Year: Jabari Parker, Duke 3
- Bracketology: Delaware, Manhattan, Wofford punch tickets 1
- 2014 SEC Tournament Preview: How will Kentucky, bubble teams fair? 1
- Joel Embiid out for Big 12 tournament, ‘longshot’ for NCAA tournament first weekend 1
- NBCSports.com’s 2014 College Basketball All-Americans (12)
- Wichita State will head into the NCAA tournament 34-0 as a No. 1 seed (12)
- Assigned Reading: Dean Smith’s health continues to deteriorate (6)
- No. 1 Florida’s undefeated SEC season not just a by-product of their league (6)
- South Carolina suspends Frank Martin for regular season finale at Mississippi State (5)