Oregon State football coach Jonathan Smith’s new contract will pay $22.6 million during the final six years, includes a salary bump for 2021 and an automatic contract extension for performance.
The contract, obtained by The Oregonian/OregonLive through a public records request, calls for Smith to make $3.25 million in 2022, $3.35 million in 2023, $3.45 million in 2024 and $3.65 million in 2025. In 2026, Smith’s salary jumps to $4.35 million, and then to $4.55 million in 2027.
In addition, Smith’s 2021 salary was increased by $362,500, to a total of $2,862,500. That moves Smith to 11th among Pac-12 Conference coaches in salary this season, ahead of Arizona’s Jedd Fisch, who made $2,683,449 in 2021.
Before the adjustment, Smith was the lowest paid head coach among Power 5 schools in 2021.
New to Smith’s contract is an “extension of term” clause if Oregon State wins at least seven games in 2022, 2023 or 2024. One year would be added to the contract if the Beavers win at least seven games in the next three seasons.
The assistant coaches’ salary pool was also increased to a minimum of $4.25 million per year. This past year, OSU’s 10 assistant coaches were paid $3.75 million. In Smith’s original 2018 contract, he was given a minimum of $3.3 million for assistant coaches.
A new clause also gives Smith a $2.2 million annual salary pool for football support staff. These people include quality control assistants, strength and conditioning staff, director of operations among others.
Smith’s buyout, should he leave for another job, has significantly increased. It is $4 million for 2021 (ending Feb. 28, 2022), double the previous amount of $2 million. It is $3.5 million for 2022, and drops by $500,000 each year through 2027, when the buyout is $1 million.
Two new bonuses also were added or increased in the new contract. Smith receives $50,000 if he leads the Beavers to any bowl game other than the CFP, a $25,000 increase. And new to the contract is a $75,000 bonus if OSU wins the Pac-12 championship game.
Smith keeps previous bonus clauses for winning eight ($50,000), nine ($75,000) or 10 ($100,000) regular season games, participating in Pac-12 championship game ($100,000) and winning Pac-12 coach of the year ($25,000) or national COY ($100,000). There are also bonuses ranging from $200,000-400,000 for participating in the CFP.
The new contract includes a financial emergency clause. If university revenue is significant reduced due to various causes, including a pandemic, the athletic director can negotiate “an appropriate reduction in any compensation.” If the parties cannot agree after 30 days, the university can implement a temporary leave without pay, reduce or suspend bonuses or temporarily reduce the base salary.
--Nick Daschel | ndaschel@oregonian.com | @nickdaschel