Tom Crean’s contract is finally complete.
Crean officially signed a 10-year deal Tuesday to coach the Indiana men’s basketball team. He receives $600,000 per year in base salary and an additional total of $15.72 million in outside marketing and promotional income. The contract is retroactive to April 2, the day he was announced as the team’s coach, and runs through June 30, 2018.
Crean could earn an additional $560,000 per year in incentives if the Hoosiers win the Big Ten and NCAA title in the same season.
“I left a very special situation at Marquette when Indiana offered me this opportunity," Crean said in a statement. “I wanted to make sure that if I left, I would be going to a place that would be a destination for my family and allow me to build a program for the long haul with the same security.”
IU and Crean originally agreed to an eight-year deal when he was hired in April. The university said it added two more years because of administrative changes on campus. Athletic director Rick Greenspan announced his resignation, effective at the end of the year, in June.
If Crean decides to leave IU, he would owe the university $3 million after years one through three of the agreement, $2 million after years four through five and $1 million for years six through 10.
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