Larry Krystkowiak's deal is worth $8.3M — plus a host of incentives — over five years
We're a little late, but The Salt Lake Tribune has obtained a copy of the five-year, $8.3 million contract signed on April 24 by Runnin' Utes head coach Larry Krystkowiak.
Here's the gist:
For the first year, beginning July 1, Krystkowiak will receive $400,000 base salary, $500,000 from broadcast revenue, $500,00 for public speaking and fundraising, and $100,000 from rights fees paid by the U.'s official outfitter (currently Under Armour). Each year those totals will increase by 5 percent at a compounded rate, so that Krystkowiak will earn $1.5 million in Year One and $1,823,000 in Year Five.
But if he's still with the U. in 2019, he'll have been compensated more than $8.3 million.
• If he stays until June 30, 2017, he'll get a retention bonus of $375,000. If he coaches at the U. for the life of the contract, he'll get an additional $375,000 retention bonus.
• He gets $50,000 if the Utes finish with a winning record in Pac-12 regular season games; $50,000 if the Utes reach the NCAA tournament; $50,000 if the Utes reach the Sweet Sixteen; $100,000 if the Ute reach the Final Four; and Academic Progress Rate bonuses topping out at $15,000 for an APR above 970 (last year the Runnin' Utes had a perfect score of 1,000). To be eligible for any performance bonuses, he must maintain an APR of 930.
• His perks include an automobile paid for and insured by the U., a smartphone paid for by the U., membership with a country club, 12 men's basketball season tickets, two seats in a luxury box for football games, eight season football tickets in the Rice-Eccles bowl, use of U. facilities for summer basketball camp, and travel for his wife, Jan — provided she assists in public relations and fundraising while on the road.
If he's terminated without cause (simply losing too many games would count as "without cause") he's entitled to up to $1.4 million over a four-year period and a portion of his retention bonus. If he quits, Krystkowiak will pay the U. $1.4 million.
Krystkowiak is also responsible for attending Crimson Club luncheons and five other Crimson Club activities each year, and he has an appearance obligation for Under Armour.
He and head football coach Kyle Whittingham were at Sagamore Farm's Preakness Stakes corporate tent over the weekend, posting photographs with Mike Tyson, Steve Holcomb and Duck Dynasty's Willie Robertson. Sagamore Farm is owned by Under Armour CEO Kevin Plank.
Under Armour Preakness Fun pic.twitter.com/Mel4EW1LS6
— Larry Krystkowiak (@LKrystkowiak) May 17, 2014I've heard of Wife Swap but never Hat Swap! Willie is one fine human being pic.twitter.com/nLtoIU61M0
— Larry Krystkowiak (@LKrystkowiak) May 17, 2014— Matthew Piper
mpiper@sltrib.com
Twitter: @matthew_piper