ANN ARBOR, MICH. (AP) - Brady Hoke became Michigan’s coach more than two months ago without asking how much money he would make.
His faith was rewarded.
Michigan athletic director Dave Brandon said Hoke will average $3.25 million annually _ almost five times more than he made last year at San Diego State _ if he fulfills the six-year contract signed Monday.
“It’s a big job with a lot of expectations and we feel very good about how much we’re compensating him to help us reach those expectations,” Brandon said in an interview with The Associated Press.
Hoke will be paid $2 million this year and his base salary will increase by $100,000 each season. Hoke will earn a $1.5 million “stay bonus” after his third year and another $1.5 million “stay bonus” if he is still leading college football’s winningest program in the sixth season of his contract.
Michigan will contribute between $250,000 and $750,000 into a deferred-compensation account, according to his contract, that will give Hoke just over $1 million in 2014 and another $2 million three years later if he is still working for the school.
Hoke can also earn bonuses ranging from $500,000 to $625,000 for winning Big Ten championships, $300,000 to $400,000 for being in the conference’s title games, and $75,000 to $175,000 for coaching in a bowl. His contract calls for him to fly first class and to have $100,000 annually to spend on charter flights for program-related travel.
Hoke has a chance to make more than Rodriguez, but he would need to have a lot of success and a new deal to catch up to Ohio State’s Jim Tressel or Iowa’s Kirk Ferentz. Tressel is making $3.8 million a year and Ferentz gets paid $3.7 annually.
It didn’t take long for them to agree to financial terms once the process started.
“The economics were worked out in minutes _ not hours or days,” Brandon said. “It was quick, easy and stress-free, but it took several weeks to get done because we let the lawyers do their work with the contract language.”
Michigan opens the season Sept. 3 against Western Michigan, the first of five straight home games that includes a Sept. 24 matchup against Hoke’s old team, the Aztecs.
Hoke turned around San Diego State and Ball State after being an assistant coach with the Wolverines.
He led the Aztecs to a 9-4 mark last year _ their first winning season since 1988 _ leading to a two-year contract extension and a raise that would’ve paid him a little more than $1 million with bonuses each year.
“We’re very humbled and privileged,” he said last month.
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