MSU men’s basketball head coach Tom Izzo received a seven-year rolling contract Wednesday, recognizing him as one of the elite college basketball coaches in the country.
The contract, stemming from his rapid success at the program’s helm, brings his annual earnings up $200,000 to $1.3 million, MSU President M. Peter McPherson said.
“I think Izzo has done a wonderful job with his team, in terms of basketball victories and also he has done a very good job with his students academically,” McPherson said. “Clearly we have a premier basketball program, and I think that Izzo has done an excellent job and that opinion is widely held.”
Under the terms of his contract, Izzo could receive additional bonuses in five years.
In six seasons as coach of the MSU program, Izzo has led the Spartans to three consecutive Final Four appearances - including a National Championship in 2000 - and four straight Big Ten titles. His record as head coach is 148-53.
Izzo, whose salary increased to about $1.1 million after winning the NCAA Championship, said he’s grateful for the new contract.
“As I often have said, I want Spartan basketball to be recognized consistently as an elite program in every way,” Izzo said in a prepared statement. “I am personally committed to assuring that excellence and tradition continues here for many more years.”
Former MSU head coach Jud Heathcote, who hired Izzo as a part-time assistant in 1983, said the raise and new contract are well-deserved.
“I think what has happened in college athletics is that you almost have to keep up with the Joneses,” Heathcote said. “He’s certainly one of the top coaches in the country and should be paid accordingly.”
MSU Trustee Robert Weiss said the pay raise has been in the works for some time.
“(Izzo) is not only a great basketball coach but produces great individuals who have the highest character and represent the university very well,” Weiss said. “He is a great teacher.”
Weiss, who said Izzo helps in many facets of the university including fundraising, expects the Board of Trustees to approve the increase as early as Friday.
