Virginia Tech hired former Wofford Coach Mike Young in the offseason and Young agreed to a five-year contract that runs through March 31, 2024, according to a copy of the signed contract obtained by Stadium.
Young will receive $500,000 annually in base salary, plus $1.5 million in supplemental compensation starting this season and his supplemental compensation will increase during the contract term.
Here’s his compensation breakdown, which includes base salary and supplemental compensation:
- Year 1: $2,000,000
- Year 2: $2,000,000
- Year 3: $2,250,000
- Year 4: $2,500,000
- Year 5: $2,750,000
Young will also have the opportunity to earn performance-based incentives, which are outlined below:
- ACC Coach of the Year: $100,000
- National Coach of the Year: $250,000
- Team finishes as ACC regular season (co-)champion: $250,000
- Team wins ACC Tournament: $100,000
- Non-cumulative incentives:
- Team finishes in the top four of the ACC standings: $50,000 OR
- Team finishes in the top eight of the ACC standings: $25,000
- Team appears in the NCAA Tournament’s round of 64: $100,000 OR
- Team appears in the NCAA Tournament’s round of 32: $150,000 OR
- Team appears in the NCAA Tournament’s round of 16: $200,000 OR
- Team appears in the NCAA Tournament’s round of four: $250,000 OR
- Team wins NCAA Tournament: $500,000
- Team GPA of 2.70-2.79: $25,000 OR
- Team GPA of 2.80-2.99: $30,000 OR
- Team GPA of 3.0 or higher: $50,000
- APR score of 970-979: $25,000 OR
- APR score of 980-989: $50,000 OR
- APR score of 990 or higher: $60,000
The three full-time assistant coaches will receive the following performance-based incentives:
- NCAA Tournament round of 64 appearance: one month of base salary
- NCAA Tournament round of 16 appearance: two months of base salary
- NCAA Tournament Final Four appearance: three months of base salary
Virginia Tech agreed to pay Young a stipend for reasonable moving expenses and it agreed to pay him reasonable temporary housing expenses for four months.
Young will get two new or low-mileage cars (to be replaced every two years) or an annual car allowance for each vehicle of $9,750,000. He’ll also receive up to 18 premium tickets for every home game, up to 18 all-session passes for the ACC Tournament, up to 12 tickets to every NCAA Tournament game that Virginia Tech plays in, up to 12 tickets to every Virginia Tech home football game and up to 12 tickets to every Virginia Tech women’s basketball game.
The school will pay for the initiation fees and monthly dues for one family membership at the Blacksburg Country Club for Young and his family.
Pursuant to Young’s request, up to two seats can be used for Young’s family members on the team plane/bus to any regular season or postseason game, and he will get up to five trips annually for all of his immediate family members with the approval of his athletic director.
Young will have an assistant coach salary pool of at least $1.2 million for three full-time assistants, four support staff members and one strength and conditioning coach. The school will also provide a new or low-mileage vehicle for each assistant coach.
Virginia Tech can terminate Young’s contract without cause and he would be owed the following in liquidated damages:
- On or before March 31, 2020: $7 million
- On or before March 31, 2021: $5 million
- On or before March 31, 2022: $3.5 million
- On or before March 31, 2023: $2 million
- On or before March 31, 2024: $1 million
If Young resigns from his position before the end of his contract, he’d owe Virginia Tech the following:
- On or before March 31, 2020: $3 million
- On or before March 31, 2021: $1.5 million
- On or before March 31, 2022: $750,000
- On or before March 31, 2023: $500,000
- On or before March 31, 2024: $0