Crean officially signs his contract


Here’s a copy of it in PDF format.

Tom Crean’s contract.

And here’s a copy of IU’s official press release on the matter.

———–

Indiana University has officially signed Tom Crean to lead the Hoosiers men’s basketball program to a 10-year contract that will pay him $600,000 per year in base salary and an additional $15.72 million in outside marketing and promotional income during the life of the deal.  The agreement is retroactive to April 2, 2008 and expires on June 30, 2018.

“I left a very special situation at Marquette when Indiana offered me this opportunity,” said Crean.  “I wanted to make sure that if I left, I would be going to a place that would be a destination for my family and allow me to build a program for the long haul with the same security.”

Crean also could earn an additional $560,000 per year in incentives should the Hoosiers win the Big Ten and NCAA Championships in the same season.

“I appreciate the confidence that President McRobbie and the University have shown in me by offering the two additional years to the agreement,” said Crean. “It is a great responsibility to lead this program and I look forward to the challenge of bringing the program the respect it deserves.  The process of restoring this great program is going to take a lot of time, more than probably any of us anticipated.”

When Crean was hired in April, it was announced he had agreed to an eight-year relationship in a letter of understanding.  Two years were added to the deal, not because of the NCAA’s Failure to Monitor allegation, but because of administrative changes on campus.

Should Crean decide to leave IU he would owe the University $3 million after years one thru three of the agreement, $2 million after years four thru five, and $1 million for years six thru 10.

“It is very easy to sell the tradition that is Indiana basketball knowing that we are committed to IU for a long time and that the University believes in what we are trying to accomplish,” added Crean.  “I’m especially grateful for the way Rick Greenspan, former players, supporters and the entire Hoosier Nation have made my family feel welcome and helped us during this transition.”

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16 comments:

  • Sha Lameel #1


    Tuesday, August 19, 2008 - 11:48 AM EDT

    Wow, what could be done for the university or uneducated hoosiers with that gigantic number? That elusory hoosier pride, should this gambit work, won’t restore jobs or bring new ones. INsane.

  • Spectator #2


    Tuesday, August 19, 2008 - 12:15 PM EDT

    Ten years!?!?! And not a game coached, yet.

  • B in MD #3


    Tuesday, August 19, 2008 - 12:51 PM EDT

    Sha,

    In this country we operate in an economy called capitalism. Crean got fair market value for his services. The market dictated the salary that he should receive. And, the IU basketball program goes a long way towards marketing the school in the national spotlight.

  • Robert #4


    Tuesday, August 19, 2008 - 12:58 PM EDT

    That’s right, Sha. As “B” says, the “market” is a magical force! Because it operates totally beyond the control of mere humans, it transcends ethics, morality, and fairplay! In fact, the free market is ETHICAL BY DEFINITION! The market ALWAYS does the right thing, because that’s the only thing it CAN do! Whatever amount of money Crean can get, that’s exactly how much he SHOULD get!

  • Mike P #5


    Tuesday, August 19, 2008 - 1:03 PM EDT

    B in MD and Robert,

    Be careful!!! You are using common sense reasoning in addressing his post. Be prepared for the idiot attack from those who don’t understand that concept.

    Have a good day! :-)

  • Paul B. #6


    Tuesday, August 19, 2008 - 1:52 PM EDT

    If we had spent what it took to get Crean the first time around, it would have been money well spent.

  • John #7


    Tuesday, August 19, 2008 - 2:46 PM EDT

    So we refuse to commit to a football coach, the ultimate money-maker in college sports, but we’ll shell out 10 years to a basketball coach?

    God I hate this ass-backwards state. You people are the reason this athletic department was in the red. Support football.

  • B in MD #8


    Tuesday, August 19, 2008 - 2:56 PM EDT

    Hey Mike P:

    I actually believe Robert was being sarcastic. Correct me if I’m wrong Robert.

  • Mike P #9


    Tuesday, August 19, 2008 - 3:30 PM EDT

    I didn’t read his post that close the first time, but I think you are right.

  • J.D. #10


    Tuesday, August 19, 2008 - 4:37 PM EDT

    To John-It’s not the ass-backward state that has a damn thing to do with Crean making so much money. It’s about dumbass administrators and athletic directors, coupled with the seven dwarfs known as the Board of Trustees who gives you this kind of mess.

    As for Crean getting that kind of money, it’s about as smart an investment as Enron, Nortel, and World Com.

    Other than a year with Wade, Crean was fair a few years and sucked the others. Just another bad hire by Indiana University.

    TO B in MD, if Crean got fair market value, then Coach K at Duke is about the most underpaid coach in the world.

  • B in MD #11


    Tuesday, August 19, 2008 - 4:48 PM EDT

    J.D.

    So much of what you said is completely inaccurate. Did you even look up Tom Crean’s coaching record season by season at Marquette?

  • Ron Willett #12


    Tuesday, August 19, 2008 - 5:11 PM EDT

    A bit more for “John,” who may be a bit bass-ackward in his reasoning. IU is perfectly capable of cooking its books, but if you consult the financial data collected by the NCAA, IU’s football operations roughly break even, while basketball has a healthy contribution margin and supports the rest of IU sports.

    IU is betting the farm on Mr. Crean, and does not have a very robust track record the last two decades in hiring coaches, but if he performs he may well be worth his compensation. Compared to his predecessor(s), he is definitely a class act.

    The question of whether this is what college athletics should be about, versus needed reform of higher education, is a whole different ball game. But Mr. Crean isn’t responsible for calling those plays. McRobbie, and a handful of unaccountable trustees are, and their game stinks.

  • Robert #13


    Tuesday, August 19, 2008 - 5:52 PM EDT

    Yes, I was being sarcastic. Obviously, not the most effective mode of communication these days, as the _New Yorker_ discovered (Stewart and Colbert notwithstanding).

    Anyway, Ron Willett basically makes the point I was trying to make — but more clearly, and without the sarcasm.

    As I take it:

    The market might “say” that Crean is “worth” all those millions. But running one of the nation’s greatest universities really ought to involve more than merely dancing to the market’s tune.

  • Kurtis #14


    Tuesday, August 19, 2008 - 6:43 PM EDT

    It must be nice to be banking $50,000 every month on a $600,000 per year contract….

  • B in MD #15


    Tuesday, August 19, 2008 - 8:01 PM EDT

    Robert,

    That doesn’t make sense. So, IU is so great they shouldn’t have to pay market value?

    I’m pretty sure the coaches at all of the top athletic universities make a ton of money. Coach K doesn’t take less because Duke is so great, he takes more.

  • ronb #16


    Wednesday, August 20, 2008 - 1:16 PM EDT

    IU football has always, at best , broken even, but if you build it right (coaches,players and facility) and start to win it will be a little like a line from a popular movie ” They will come, they will most certainly come”. I believe coach Crean will bring IU basketball back to where it was in the 70′s and 80″s. Given his background and work ethic he should excel at IU. He can get players to go to IU that would never consider Marquette as an option. Just look at the players we lost, out of our state, that would have gone to IU if we had a good coach. We would likely have 1 or 2 more banners. You say he hasn’t coached a game yet for IU, but look at all he has done to get us pumped up about the future. He started coaching at IU the day he became coach!

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