On Wednesday, the University of Washington released the details within Mike Hopkins’ new six-year contract to become the new head men’s basketball coach.
In the first year, Hopkins will make $1.8 million and that number will escalate $100,000 annually until 2022-23, where he will make $2.3 million.
For reference, Jim Boeheim made $2.14 million in 2014.
The buyout — which is what everyone was curious about — is $2 million for Hopkins’ first year at Washington. That number decreases every year until his final year under contract, where the buyout is $500,000.
The total contract is a six-year deal worth $12.3 million. The deal began on March 19, and will expire in 2023.
Hopkins can earn anywhere from $15,000 to $100,000 for a wide variety of incentives, including Pac-12 Coach of the Year to NCAA Tournament success. A Final Four berth would earn Hopkins $50,000 and if the Huskies win a national title, he’d collect an additional $100,000.
Washington has given Hopkins $1.35 million to fill out a coaching staff.
Washington’s previous coach, Lorenzo Romar, earned $1.7 million annually. Romar was fired last week after a 15-year coaching tenure.