Huskers’ Hoiberg owes millions if he leaves for college job
LINCOLN, Neb. (AP) — New Nebraska basketball coach Fred Hoiberg will be required to pay the university between $5 million and $11 million if he leaves to take a college coaching job in the first five years of his contract.
The terms of Hoiberg’s agreement are in a memorandum of understanding released Friday. His signed contract was not available.
Hoiberg will be paid $2.5 million in the first year of his seven-year, $25 million contract. That rises to $3 million next year and to $3.5 million for each of the following five years. He also can earn a total of $2 million in retention bonuses.
If he leaves for another college job in the first year, he would owe Nebraska $11.5 million. That amount decreases to $5.25 million in year five.
If he leaves for an NBA coaching or executive job, he would pay $2.5 million in year one and $250,000 in year five.