Just before tip-off in Friday night’s game, Indiana athletic director Fred Glass took the mic and said Indiana has agreed with coach Tom Crean on a two-year extension that would keep him as coach through 2020 and pay him $3.16 million per year. The release sent after the announcement follows.
RED GLASS ANNOUNCES CONTRACT EXTENTION FOR MEN’S BASKETBALL COACH TOM CREANBLOOMINGTON, Ind. – Right before the tip-off of tonight’s men’s basketball game against Bryant, Indiana University Vice President andDirector of Intercollegiate Athletics Fred Glass announced to the capacity crowd that he and Tom Crean had reached agreement on the termsof a new contract, including a two-year extension, that Glass said would keep Tom Crean as the head men’s basketball coach at Indiana atleast through the year 2020. The announcement was received with thunderous applause from the sellout crowd.“Tom Crean has done an absolutely phenomenal job bringing Indiana University back to its rightful place as one of the elite basketball pro-grams in the country,” Glass said. “His energy, integrity, ability, passion, industry, vision, and commitment are unparalleled.”“Since we arrived in April of 2008, we have been all in,” said Crean. “ Even through all of the challenges our love and passion never waveredfor Indiana basketball and all that the school and the state embodies. We are extremely thankful to have the support of this administrationled by President McRobbie and our Board of Trustees and the support of Fred Glass. We are honored to know we will be here for a very longtime. Once you are a part of Indiana University, there is really no desire to work or live anywhere else. Go Hoosiers!The key terms of the new contract will include the two-year extension from six years to eight years (through June 20, 2020) and an increasein the average annual non-performance based compensation from approximately $2.52 million to approximately $3.16 million. All of theannual incremental income will be paid through deferred compensation. The new contract will also add a performance bonus for teamacademic performance as measured by APR, GSR, and GPA worth as much as $55,000 per year. The contract will also contain increasedbuyout and guaranty provisions.Once the contract is formally signed, it will be released publicly