NORMAN, Okla. — Lincoln Riley is now the highest paid football coach in the state.
The head coach of the University of Oklahoma football team agreed to an extension and salary increase on New Year’s Day, three days after the Sooners lost to Alabama in the Orange Bowl. The terms were released by the university on Wednesday after they were finalized by the OU Board of Regents.
Riley's contact has been extended through Jan. 31, 2024. His new $32.5 million salary puts him near $6 million this year with increases annually. According to the agreement, his base salary remains at $325,000 with $3.975 million of outside income, stays up to $700,000 with retirement up to $1 million, and an additional $1 bonus payable in April 2021 if he still stays with the team.
Riley made $4.8 million in 2018 as part of a $25 million contract that took him through 2023.
The move pushes Riley into the Top 10 coaches in the country. The Oklahoma State and Texas head coaches also are both in the Top 10 salary-wise.
OSU head coach Mike Gundy made $5 million in 2018. His pay increases $125,000 annually. Tom Herman makes $5.5 million with a $250,000 annual increase and he will be paid an additional $1 million if he still is the Longhorns’ coach on Dec. 25, 2019, according to USA Today.
The highest-paid head coach in the nation is Nick Saban, who reeled in about $11 million last year, according to USA Today.
A report given during the regents' meeting described the university’s deep financial woes. According to the report given, the school's debt has doubled in the last 10 years and OU has only about one month of cash on hand, the OU Daily reports.
OU President James Gallogly said the athletic department is a money maker that helps the whole university and praised Riley's efforts.
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