Maryland announced a new contract for head coach Mike Locksley on Friday, just one day ahead of the spring game.
Locksley will now receive $4 million annually with a $100,000 raise each season beginning in 2023. If a minimum APR of 930 is reached, Locksley can also earn an additional $1.525 million in performance incentives, including:
Big Ten Championship game
Participate: $200,000
Win: $300,000
Bowl participation
Non-CFB Bowl Participant: $50,000
New Year’s Six Bowl Participant (non semi-final): $150,000
CFB Semi-Final Bowl Participant: $250,000
CFB Championship Game Participant: $350,000
Bowl outcomes
Win non-CFB bowl: $70,000
Win New Year’s Six Bowl: $150,000
Win CFB Bowl: $250,000
Win CFB National Championship: $500,000
Big Ten Coach of the Year: $25,000
AP National Coach of the Year: $50,000
Regular season wins:
7 wins: $100,000
8 wins: $100,000
9 wins: $100,000
Locksley’s contract also includes an addendum that triggers an extension depending on win total. If Maryland wins at least seven games in 2022, Locksley receives a one-year extension. If Maryland wins at least seven games in 2023, Locksley receives a one-year extension. If Maryland wins seven games in 2023 but fails to do so in 2022, Locksley receives a two-year extension.
Locksley’s buyout is structured as 65% of the total remaining annual base salary and supplemental income that would have been paid through December 31, 2026. Buyout would need to be paid within 60 days, as well.
If Locksley terminates his contract, he is due to pay Maryland within one year:
$7 million if termination occurs between 1/1/2022 - 12/31/2022
$5 million if termination occurs between 1/1/2023 - 12/31/2023
$1.5 million if termination occurs between 1/1/2024 - 12/31/2024
$1 million if termination occurs between 1/1/2025 - 12/31/2025
$500,000 if termination occurs between 1/1/2026 - 12/31/2026
*if one-year extension is triggered, Locksley owes:
$5 million if termination occurs between 1/1/2023 - 12/31/2023
$3 million if termination occurs between 1/1/2024 - 12/31/2024
$1.5 million if termination occurs between 1/1/2025 - 12/31/2025
$1 million if termination occurs between 1/1/2026 - 12/31/2026
$500,000 if termination occurs between 1/1/2027 - 12/31/2027
*if consecutive one-year extensions triggered, Locksley owes:
$3 million if termination occurs between 1/1/2024 - 12/31/2024
$1.5 million if termination occurs between 1/1/2025 - 12/31/2025
$1 million if termination occurs between 1/1/2026 - 12/31/2026
$500,000 if termination occurs between 1/1/2027 - 12/31/2027
$500,000 if termination occurs between 1/1/2028 - 12/31/2028
*if two-year extension triggered
$2.5 million if termination occurs between 1/1/2024 - 12/31/2024
$1.5 million if termination occurs between 1/1/2025 - 12/31/2025
$1 million if termination occurs between 1/1/2026 - 12/31/2026
$500,000 if termination occurs between 1/1/2027 - 12/31/2027
$500,000 if termination occurs between 1/1/2028 - 12/31/2028
The contract does not provide any additional staffing budget for Locksley and only notes that Locksley “acknowledges that no medical or training personnel will report to him or other members of the coaching staff.”
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