BLOOMINGTON, Ind. — Indiana University is off to a historic winning streak.
This is head coach Curt Cignetti's first year coaching the Hoosiers and, given that the team is 8-0, this has sparked several bonuses in Cignetti's contract.
According to documents obtained by 13News, Cignetti agreed to a six-year contract starting on Dec. 1, 2023 and ending on Nov. 30, 2029.
In his first year, he will earn $3.5 million in annual outside, marketing and promotional income. According to the contract, this amount will increase by $100,000 every year and become $4 million in his sixth year.
The contract includes a $250,000 retention bonus with the first payment on Nov. 30, 2024 and each Nov. 30 Cignetti works as head coach for IU.
The contract says Cignetti received a $25,000 signing bonus for moving expenses; an annual automobile stipend of $25,000 per year, paid monthly; and all work-related travel reimbursed.
A "head coach complimentary package" was also made available to Cignetti that includes:
- Eight football season tickets
- 25 single football game tickets
- Four men's basketball season tickets
- Two passes to all other IU Athletics competitions
- Three season parking passes for football
- Two season parking passes for men's basketball
- Season credentials for football
- Season credentials for men's basketball
- Unlimited family use of the Pfau Golf Course and Driving Range
- Adidas apparel and gear specified in the agreement (Up to $10,000 annually)
Bowl appearance
For any season during the term of the agreement that IU makes a bowl appearance, the contract says the university will add one year to the end of the term of the agreement — and an additional $500,000 over the current budget for assistant coaches, strength coaches and operational staff. This will be effective starting Jan. 1 following the season in which the bowl appearance was earned. An additional $250,000 will be also be added to the outside, marketing and promotional income payments.
The contract says that if the football program makes a bowl appearance following the 2024 regular season, Cignetti's outside, marketing and promotional income payments will increase by $250,000, and his outside, marketing and promotional income for the Dec. 1, 2029-Nov. 30, 2030 extension year will be $4.35 million.
Big Ten wins, conference finishes
Cignetti's contract includes a $100,000 bonus for the 5th Big Ten Win or a $150,000 bonus for the 6th Big Ten Win. If the team is a top six finisher (6th or higher out of 18 teams), Cignetti will receive $250,000. If the team places second, he will receive $500,000. If the team wins the Big Ten Championship, he will receive $1 million.
It must be noted that the bonuses are not cumulative, and the highest finish or win total within each category will apply.
Awards
Cignetti will earn $50,000 if he is named Big Ten Coach of the Year by either the Big Ten Conference Coaches or the Big Ten Media Panel. If he is named coach of the year by both, he still gets just the single $50,000 payment.
Cignetti will earn $100,000 if he is named National Coach of the Year by one of the following: the Associated Press, Paul "Bear" Bryant, Sports News, Walter Camp, Maxwell Football Club, FWAA, AFCA or ABC/ESPN. If he's named coach of the year by more than one, he still gets just the single $100,000 payment.
Early separation
If Cignetti resigns or otherwise terminates his contract before it's up, he will owe a significant penalty to the school. The penalty gets smaller as the contract goes on, with the following table giving dates and how much Cignetti would owe if he resigned in that period:
- Before Nov. 30, 2024 - $8 million
- Dec. 1, 2024 and Nov. 30, 2025 - $6 million
- Dec. 1, 2025 and Nov. 30, 2026 - $4 million
- Dec. 1, 2026 and Nov. 30, 2027 - $2 million
- Dec. 1, 2027 and Nov. 30, 2028 - $1 million
- Dec. 1, 2028 and Nov. 30, 2029 - $1 million
If Cignetti earns an extension year, the early termination fee for that year will be $1 million.
If IU terminates Cignetti without cause before the end of the contract, they will owe him severance pay. You can see that in the following table, again with the dates and how much IU would owe Cignetti if they fire him in those time periods.
- Before Nov. 30, 2024 - $20 million
- Dec. 1, 2024 and Nov. 30, 2025 - $17 million
- Dec. 1, 2025 and Nov. 30, 2026 - $14 million
- Dec. 1, 2026 and Nov. 30, 2027 - $9 million
- Dec. 1, 2027 and Nov. 30, 2028 - $6 million
- Dec. 1, 2028 and Nov. 30, 2029 - $3 million
