ALBUQUERQUE, N.M. (KRQE) – Contract details for the new UNM basketball head coach, Eric Olen, have been revealed. It is five year contract totaling $6.5 million. Annual guaranteed compensation (Base Salary, Media Compensation, and Program Promotion Compensation) will begin at $1.2 million and increase $50,000 in each following season.
- Contract Year One: $1,200,000
- Contract Year Two: $1,250,000
- Contract Year Three: $1,300,000
- Contract Year Four: $1,350,000
- Contract Year Five: $1,400,000
In addition to guaranteed money, there are incentives in place for more compensation. They are all based on performance.
- Mountain West Coach of the Year (solo or shared): $25,000
- Naismith National Coach of the Year: $50,000
- Mountain West Regular Season Championship (solo or shared): $25,000
- Mountain West Tournament Championship: $25,000
- NCAA Tournament At Large Bid: $25,000
- NCAA Tournament First Four Win: $25,000
- NCAA Tournament Win (Round of 64, 32, 16, 8, 4): $50,000 per win
- NCAA National Championship Win: $150,000
- Top 25 Finish in Final AP Poll: $25,000
- 20 Season Wins with a KenPom Minimum of Top 50: $25,000
- 20 Season Wins with a KenPom Minimum of Top 25: $50,000
The buyout for Olen’s contract begins at $2.65 million and decreases in each following season.
- Contract Year One: $2,650,000
- Contract Year Two: $2,025,000
- Contract Year Three: $1,100,000
- Contract Year Four: $560,000
- Contract Year Five: $0
In the event that Olen accepts a head coaching position at another a division I program while under contract with UNM, Olen’s new school must schedule a two-year home-and-home series with UNM. The new institution would have the right to forgo this obligation and instead pay UNM $250,000, in addition to the buyout payment. UNM would also have the right to forgo the home-and-home and the obligation would be deemed fulfilled.