Oregon men’s basketball head coach Dana Altman earned a new contract that will keep him in Oregon until 2023.
His new contract was approved after the Executive and Audit Committee of the Board of Trustees passed a vote of acclamation during a brief meeting early Friday afternoon. UO President Michael Schill supported the proposal of the new contract.
The new deal will Altman a base salary of more than $18 million over seven years. Altman will earn $1.8 million in base salary during his first year, equivalent to the salary for this year under his existing contract. His base salary will increase each subsequent year, up to $3,050,000 in the final season of the deal.
The contract includes several performance-based incentives, such as a $100,000 bonus if the Ducks make the Final Four and $250,000 if they win the national championship.
Altman will also receive a car, $500 stipend per month for a second car and membership at the Eugene Country Club. He will be eligible to receive up to $25,000 per contract year for travel expenses, which can be used to visit friends and family or pay for others to travel to Oregon athletic events.
The University has the ability to terminate this contract at any time for any or no reason, in which case Oregon would pay Altman the remainder of the money he is owed or $9 million, whichever is less.
Oregon’s men’s basketball is a program on the rise with a No. 5 ranking in the AP Preseason Poll. It has high hopes for a return to the Elite Eight and beyond in the NCAA Tournament.
Follow Shawn Medow on Twitter @ShawnMedow
