The $106 Million March Madness Payout Is Already Won

The $106 Million March Madness Payout Is Already Won

Kentucky head coach John Calipari calls out from the bench in the second half  half of an NCAA college basketball game against LSU in Baton Rouge, La., Tuesday, Feb. 10, 2015.  Kentucky won 71-69. (AP Photo/Gerald Herbert)
Kentucky head coach John Calipari calls out from the bench in the second half half of an NCAA college basketball game against LSU in Baton Rouge, La., Tuesday, Feb. 10, 2015. (AP Photo/Gerald Herbert)

 

(Bloomberg) – University of Iowa basketball coach Fran McCaffery didn’t have to ask for a raise after the Hawkeyes played in last year’s NCAA tournament. It was written into his contract.

McCaffery’s 2012 deal had two separate pay charts, one if the Hawkeyes made the tournament and another if they didn’t. Iowa’s first-round defeat kicked in a $200,000 annual pay raise over the next five seasons.

“Each and every year he’s grown the program,” Iowa athletic director Gary Barta said in a telephone interview. “As that has gone, so has his compensation.”

McCaffery and the other coaches in last year’s National Collegiate Athletic Association tournament have turned their 2014 success into more than $106 million in new pay, according to data compiled by Bloomberg using open records requests. Some boosts came from new contracts, others from raises or extensions.

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