May
23
With pay raises that will bring his annual coaching salary to $1.25 million immediately and $1.5 million in mid-January, University of Illinois Men’s Head Basketball Head Coach Bruce Weber can now consider himself a member of the elite club of slightly more than 10 percent of Division-I basketball coaches who earn more than $1 million a season.
It’s good to see Weber, a man who once had to rely on food stamps as a young assistant coach at Western Kentucky, get what he deserves.
As good of a defensive coach as you’ll find in the country, and an even better person, the brutally honest and classy Weber will see the following changes in his contract after guiding a young Illinois team to 24 wins and a #5 seed in the 2009 NCAA Tournament:
- a base pay increase from $200,000 to $405,000 annually;
- a raise from $600,000 to $645,000 for radio, TV and promotional appearances;
- a compensation increase from $645,000 to $895,000, effective January 15, 2010; and
- a three-year extension to his original contract.
Weber’s pay raise comes at a time when the future of Illini basketball appears back on the upswing.
With highly-regarded recruits arriving in Champaign during the next three seasons, Weber should be able to continue to build upon the surprising success of last season’s team.
With Weber entering his seventh season at Illinois (the same amount of time that Lon Kruger and Bill Self were at the school combined), it’s nice to see the U-of-I show the money to a coach who produces on the court and whom Illini fans don’t have to worry about leaving.
With his pay raise, Weber gained some ground on other coaches but is still a long way from John Calipari territory ($4 million annually).
Back in March, the Wall Street Journal had an interesting article on college basketball coaching salaries and examined which millionaire coaches most and least earned their money.
According to a value examining the Ratings Percentage Index (RPI) with the salaries of coaches who have been earning at least $1 million from the same school for the last four seasons, Weber was the ninth most effective millionaire coach.
Learn more about this intriguing college basketball coaching salary value here: Do Millionaire Coaches Earn Their Money?
The WSJ story also featuring an interesting quiz about millionaire college basketball coaches that you may find very surprising.
Take the coaching salary quiz.
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