Rutgers basketball coach signs $16 million contract extension

NEW BRUNSWICK, NJ — Rutgers University announced Friday that the school and men’s basketball head coach Steve Pikiell have agreed to a four-year contract extension.

The contract extension means Pikiell will remain Rutgers’ head basketball coach through the 2029-30 season and pay him an additional $16 million in compensation, including performance and retention bonuses.

Pikiell now has an eight-year, $29.5 million contract for the 2029-30 season, according to NJ.com, which obtained a copy of his contract. Friday’s contract extension means he will actually be paid more than Rutgers head football coach Greg Schiano.

This comes at a time when the Rutgers faculty union is criticizing Rutgers for the money it spends on athletics, especially football, as is currently the case in the Big Ten conference. Rutgers’ football program is running a deficit of $73 million, according to an ongoing investigation by USA Today.

However, Rutgers University President Jonathan Holloway defended Rutgers’ football program, saying most college sports are “highly unlikely” to break even.

However, things are much rosier for Rutgers basketball: In six seasons, Pikiell led the men’s basketball program to all-time highs, including RU’s first NCAA Tournament victory in 38 seasons.

New Jersey fans flocked to see Rutgers’ home basketball games.

On Friday, the Scarlet Knights are set to face Iowa as the No. 4 seed of the 2022 Big Ten tournament in Indianapolis. This is the first-ever double bye for the program and the highest seed RU has earned in the conference tournament.

“What Steve Pikiell has accomplished here ‘On the Banks’ is nothing short of extraordinary,” said athletic director Pat Hobbs. “His leadership is what drives our young men’s success on the field, in the classroom and ultimately in life. That’s what great coaches do and this extension ensures that Steve, Kate and their family will be at Rutgers for years to come. to come. It’s well deserved.”

“I’m glad we have him on the court for Rutgers for the foreseeable future,” Holloway said.

Under Pikiell, Rutgers became the first unranked program in NCAA history to win four straight wins over ranked opponents, defeating No. 13 Michigan State, No. 16 Ohio State, No. 14 Wisconsin and No. 12 Illinois in February.

The Scarlet Knights picked up their first-ever victory against a No. 1-ranked team, with a blowout victory over top-ranked Purdue at Jersey Mike’s Arena.

Related: Rutgers Sports Debt Is “Pretty Worrying”, Says Murphy (September 2021)

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