New NC State men’s basketball coach Justin Gainey signed a five-year contract worth more than $14 million in his first head coaching job.
Gainey, who played at NC State, will be paid $1.785 million in base pay and another $565,000 in supplemental compensation in his first season. The base pay number increases by $35,000 each season, while the supplemental figure increases by $65,000 each season — for a total of a $100,000 raise each season.
Gainey’s contract will pay him an average of slightly more than $2.8 million each year.
Gainey was formally introduced Wednesday. NC State trustees approved his contract Tuesday.
Former coach Will Wade, who had a decade of head-coaching experience when he took the job last year, signed a six-year contract worth more than $17 million. Wade’s average was $2.875 million per year. Wade left after one season to return to LSU, where he previously coached for five seasons. Wade paid a $4 million buyout.
Gainey was the associate head coach at Tennessee and helped guide the Volunteers to three consecutive Elite Eight appearances.
Gainey can earn up to $300,000 annually in academic performance bonuses and up to $950,000 in athletic performance bonuses, including $500,000 for a national championship and $100,000 for winning an ACC title.
If NC State were to fire Gainey, the school would owe him his base salary at the time of the termination times the number of full and partial years remaining on his contract.
Gainey would owe $5 million if he left on or before April 1, 2027. The buyout decreases by $1 million each year through April 1, 2030. If he were to leave after that day, he would own no buyout.