Anthony Grant is introduced as Alabama's new head basketball coach
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NIT dough this is not.
The Memorandum of Understanding between the University of Alabama and new men’s basketball coach Anthony Grant was released Wednesday night, and it’s clear that Alabama is putting its money where its mouth is regarding where it wants its basketball program to be.
Grant’s seven-year deal includes a base salary of $245,000 per year with an added annual talent fee of $1,555,000, which includes compensation for endorsements, advertisements, multi-media rights, marketing, promotions, internet rights, merchandising, radio and television shows, and similar media rights.
There’s also a $50,000 signing bonus.
There are also plenty of added incentives, none of which include any pats on the back for reaching the NIT finals. A regular season SEC Western Division championship will earn Grant an extra $15,000, and a regular season SEC championship an additional $25,000. He’ll earn an extra $25,000 if Alabama qualifies for the NCAA Tournament, $50,000 if Alabama reaches the Sweet Sixteen, $100,000 if Alabama reaches the Elite Eight and $200,000 if the Tide makes it to the Final Four. Should Alabama win the national championship, Grant will pocket an extra $250,000.
SEC Coach of the Year honors, as determined by the coaches, will net Grant an extra $25,000 and National Coach of the Year honors, as determined by the basketball writers’ association, will earn the Miami, Fla., native $50,000 in extra income.
The agreement also includes an academic bonus that includes an extra $25,000 for Grant if the team achieves an 85 percent graduation rate.
There’s also a $245,000 buy-out, multiplied by the number of years remaining on the contract, should either party terminate the contract early. The contract may also be terminated for cause with no buy-out.
The purpose of the MOU is to outline and confirm the basic terms of what will later be incorporated into a final contract.