Last month, Dusty May agreed to a five-year deal to become the Michigan men’s basketball coach, with The Michigan Insider obtaining the contract details through a Freedom of Information Act request. Here are the key details about the Wolverines’ new head coach:
Dusty May’s overall base salary averages $3.75 million throughout the duration of his five-year contract. Below are the specific annual figures:
In the first year of his contract, Dusty May’s annual rate is $3,550,000, which increases proportionally as Year 1 exceeds 12 months. Subsequently, his annual salary for Year 2 is $3,650,000, followed by $3,750,000 for Year 3, $3,850,000 for Year 4, and $3,950,000 for Year 5. On average, his annual compensation stands at $3,750,000.
Additionally, May received a signing bonus of $1.51 million. Furthermore, Michigan has agreed to pay May a “longevity incentive” of $300,000 during each of his third and fourth contract years (specifically, April 1, 2027, and April 1, 2028, respectively).
In the event that Michigan decides to terminate Dusty May without cause, the university will be liable to pay him 70% of the remaining Total Base Compensation stipulated in the contract. The section titled “liquidated damages for University termination without cause” specifies that the university must fulfill this obligation, subject to industry standard mitigation responsibilities and offset obligations.
Dusty May’s buyout starts at $5 million and gradually decreases according to the following schedule:
If the Coach resigns from employment during the term and accepts another coaching position, the following amounts would be owed as liquidated damages:
– Resignation Date: March 2024 through April 30, 2025 – $5,000,000
– Resignation Date: May 1, 2025 through April 30, 2026 – $4,000,000
– Resignation Date: May 1, 2026 through April 30, 2027 – $2,000,000
– Resignation Date: May 1, 2027 through April 30, 2028 – $1,000,000
– Resignation Date: May 1, 2028 through April 30, 2029 – $500,000
Michigan’s allocation for assistant coach salaries is currently set at $1.2 million, with potential for adjustment following review:
“The Assistant Pool for three (3) on-court assistants will be initially estimated at $1,200,000, with the Director of Athletics and Coach having the ability to collaborate in augmenting the budget based on necessities and prospective hires. The Coach is authorized (subject to the final approval of the AD) to recruit, oversee, discipline, and terminate all assistant coaches and other direct reports within the basketball department, contingent upon departmental guidelines and financial constraints.”
Dusty May may qualify for the following performance bonuses:
– Big Ten Regular Season Champions (outright): $50,000
– Big Ten Regular Season Champions (shared): $25,000
– Big Ten Tournament Champions: $50,000
NCAA Bonuses (INDIVIDUAL, NOT CUMULATIVE):
– Qualify for NCAA Opening Round: $25,000
– Advance to NCAA 1st Round: $50,000
– Advance to NCAA 2nd Round: $75,000
– Reach NCAA Sweet 16: $100,000
– Reach NCAA Regional Final: $150,000
– Reach NCAA Final Four: $200,000
– Reach NCAA Championship Game: $300,000
– Win NCAA Championship: $400,000
Additionally, May would receive a $50,000 bonus for being named Big Ten Coach of the Year or National Coach of the Year.
Last month, U-M appointed May as its 18th men’s basketball coach.
On the occasion, May expressed his thoughts: “Michigan holds a special place, as everyone is united in the same pursuit. Our collective aim — and I extend my gratitude to head coaches, assistant coaches, and athletes present here today — is to nurture young talents and vie for championships, and that remains our steadfast objective.
This university stands out in the unparalleled pride, respect, and reverence it commands for the iconic block M and the Michigan brand. It’s an experience unlike any other, marked by the unwavering support and admiration from every alumnus, student, and individual associated with this institution. That’s truly remarkable.”
“Regarding our style of play, our aspiration is to captivate spectators. Winning titles is crucial, but we also seek to fill the stands and provide an entertaining experience. When you witness our games, you’ll witness teamwork and proficiency on both ends of the court. However, our essence lies in teamwork, fervor, and unity. The finer aspects will fall into place naturally. For now, we prioritize making Michigan basketball a joy to watch.”
