STILLWATER, Okla. — Monday morning, Oklahoma State University acquired the signed contract of men's basketball coach Mike Boynton and the News Press has learned the details.
Boynton, whose Cowboys are 7-1, signed the contract Nov. 17, before the team went to Brooklyn, New York, for the Legends Classic. It was approved by OSU president Burns Hargis and Athletics Director Mike Holder on Nov. 28.
The contract term is from Boynton's hire date on March 24 to March 31, 2022, with his salary being $400,000 per year, as well as an added $600,000 for services this year to amount to $1 million for his first season.
Next year, the services compensation declines to $500,000, but increases by $100,000 each year after that on top of the $400,000 annual salary.
It includes benefits found in other OSU coaching contracts, such as membership to Karsten Creek Golf Course, a luxury suite at Gallagher-Iba Arena, tickets to football games at Boone Pickens Stadium and more.
If Boynton were to leave for another job, the terms of his buyout would have him repay 75 percent of his compensation if he were to leave before March 20, 2020; 70 percent between April 1, 2020 and March 31, 2021; and 60 percent between April 1 2021 to March 31, 2022.
Incentives include a $50,000 bonus for winning the Big 12 regular season title, $35,000 if the team were to win the conference tournament, $35,000 for an NCAA Tournament appearance, $40,000 for each NCAA Tournament win, $50,000 for a National Coach of the Year award and $25,000 for Big 12 Coach of the Year.