The contract extension for Georgia Tech coach Josh Pastner, announced in October, includes an incremental raise at the back end and the addition of a hefty retention bonus at the end of it.
Pastner’s contract, which had a seventh year added to it after his first season, is now worth a total of $13.6 million if he completes it. That’s an annual average of $1.94 million through the 2022-23 season. In the extension, athletic director Todd Stansbury also added a $500,000 retention bonus that Pastner will receive if he is still coach at the end of the 2021-22 season. The contract amendment was obtained through an open records request.
Pastner is earning $1.7 million this season. He would make $2.4 million in the 2022-23 season.
The contract also re-set the schedule for a buyout should he be terminated. In the original contract, he was to receive 100 percent of the value of the remaining contract were he to be fired in the first four years of the contract, then 75 percent of the remaining value if fired in the fifth year and 60 percent for the sixth and final year.
With the extension, Pastner will now receive the full value of the contract if he is dismissed through the fifth year of the contract, then 75 percent in year six and 60 percent in year seven.
The contract continues to include perks such as a monthly allowance to cover the cost of a family membership at a country club and a $1,300 monthly automobile allowance.
Pastner received the extension after surpassing all expectations in his first season, as the Yellow Jackets went 21-16 and reached the NIT finals. Pastner was named ACC coach of the year.
Compared with peers, he is in the low end, although he was coming from a situation where his former employer was paying him to leave. Clemson coach Brad Brownell is making a reported $1.8 million this season. Georgia coach Mark Fox is making $2 million in his ninth season in Athens. N.C. State coach Kevin Keatts signed a contract last spring that reportedly pays him $2.2 million annually.