Iowa State finalizes Otzelberger contract
AMES (AP) — New Iowa State men’s basketball coach T.J. Otzelberger will be paid $1 million per year with an additional $500,000 in supplemental benefits under terms of his five-year contract released this week.
Otzelberger’s base pay is $300,000, and he receives $700,000 for public appearances, speaking engagements and media obligations. The supplemental benefits include university contributions to his retirement plan.
Otzelberger will receive a bonus if the Cyclones are among the top four seeds in the Big 12 Tournament, with the No. 1 seed earning him $250,000. He would earn $100,000 for winning the conference tournament, $50,000 for an at-large NCAA Tournament bid and $50,000 for each win in the tournament.
The university is providing a vehicle to Otzelberger and paying for his Ames Country Club membership.
Iowa State also agreed to pay $3.4 million to buy out his contract at UNLV, where he coached the past two years. Otzelberger was earning $1.2 million per year at UNLV.