In his contract he signed in April 2011, the school agreed to give the coach an additional two years on his contract if he brought the Wolfpack back to the tournament. That’s a guaranteed $750,000 per year and if he actually finishes out the contract, it’s an additional $450,000 a year. The deal was negotiated by New York-based firm, The Agency.
It’s an extremely generous incentive, but NC State was in a tough position when it hired Gottfried. The team hadn’t been in the tournament in five seasons after having five consecutive appearances. Gottfried’s total annual compensation of $1.3 million is about average for basketball coaches in the ACC.
The bonus is an even a better story when you consider how close NC State was to not making it. In the CBS Selection Show on Sunday, the team got the last at-large spot as an 11-seed in the Midwest Region to play San Diego State, giving CBS one of the best reactions out of any school.