New Georgia Tech coach Josh Pastner’s contract is worth an average of $1.87 million over six years, starting out at $1.6 million in the upcoming academic year. The contract details were in a memorandum of understanding between Pastner and athletic director Mike Bobinski, which was obtained through an open records request.
“Josh, I have every confidence that you will lead our Men’s Basketball program with integrity, pride, and a commitment to excellence, and I look forward to welcoming you as a member of the Yellow Jacket family,” Bobinski wrote at the conclusion of the memorandum.
The deal is worth a total of $11.2 million. Starting at $1.6 million, the annual salary escalates by $100,000 in the second through fifth years and bumps $200,000 to $2.2 million in the sixth year, 2021-22.
The contract will also include incentives, not determined in the memorandum, worth up to $500,000. The letter was dated April 7, last Thursday, when news broke that he was being targeted for the job. Pastner signed and dated the memorandum April 8.
Pastner’s deal is a considerable bump from former coach Brian Gregory’s deal, which was worth $1.1 million annually. Among ACC coaches whose salaries have been reported, Pastner is close to Clemson’s Brad Brownell, whose six-year extension in 2014 is worth an average of $1.77 million. Virginia’s Tony Bennett makes $2.1 million annually. Notre Dame’s Mike Brey reportedly made $1.7 million in the 2013 calendar year.
Pastner, though, will also receive a total of $1.255 million over the next two years, according to the Commercial-Appeal of Memphis, Tenn., from a separation agreement between him and Memphis. Pastner would have been due a $10.6 million buyout had he been fired at the end of this season, thought to be a factor in the school's decision to retain him prior to his departure for Tech.
Pastner’s Tech contract is below what he made at Memphis. Since an extension signed in 2013, he had been making $2.65 million annually.
The deal will add stress to Tech’s athletic department budget. Tech will pay Gregory a buyout of $806,250 next year and $537,500 in 2017-18. The school also owes former coach Paul Hewitt $906,250 annually through 2018-19. The department typically aims to break even each year, though it’s projected to finish with a slight surplus this fiscal year.
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