Texas regents unanimously approved a term sheet Monday outlining a five-year contract for new football coach Charlie Strong.
As part of the deal, Strong will earn $5 million per year, with $100,000 annual raises to start in the second year of the agreement. In addition, Texas officials will pay $4.375 million to Louisville to satisfy the terms of Strong’s buyout clause at that school, where he posted a 37-15 record the past four seasons.
Strong’s tenure at Louisville included two Big East conference championships and a combined 23-3 mark the past two seasons.
Performance incentives in Strong’s deal include six-figure bonuses for winning a Big 12 championship ($100,000) or a national championship ($250,000). An appearance in the national championship game without a victory would trigger a $100,000 bonus.
Other bowl-related bonuses range from $25,000 to $50,000, depending on whether the Longhorns reach one of the six major bowls affiliated with the College Football Playoff.
Strong also would receive a $100,000 bonus for receiving a national coach of the year award or $50,000 for another coach of the year honor. A top-5 ranking in the final poll would trigger a 3 percent bonus from that year’s annual salary, with a top-10 finish generating a 2 percent bonus.
Strong also would receive bonuses if the team’s annual GPA hits 2.9 ($25,000), 3.0 ($50,000) or 3.1 ($75,000). Other perks for Strong include use of one suite and six season football tickets, as well as four season tickets to other men’s sports and four season tickets to other women’s sports.
The term sheet shows no buyout figure owed by Strong if he leaves Texas voluntarily. But it states Strong would be obligated to pay the school an amount equal to the total compensation Texas would be obligated to pay any assistants who remain at UT 60 days after Strong’s departure.
If Strong is fired without cause by Texas officials, he would receive 100 percent of the salary remaining on his contract. Strong’s first of his annual $100,000 raises will take effect on Jan. 15, 2015.