Jimbo Fisher signs five-year extension with FSU
NEWPORT BEACH, Calif. — Florida State football coach Jimbo Fisher has signed a lucrative five-year extension that will escalate in each season through 2018 and pay him an average of $4.07 million annually.
The contract puts Fisher among the bottom half of the top 10 nationally.
Fisher will earn a base salary of $225,000 annually in funds paid by Florida State. He will then receive $3.275 million in 2014 from Seminole Boosters, Inc. The booster-funded portion jumps to $4.275 million in 2018.
In 2013, Fisher made a base salary of $2.7 million but it was loaded with incentives that were triggered based on Florida State’s ACC title and appearance in Monday night’s national championship game against Auburn.
The new contract also includes plenty of incentives, with Fisher able to earn $100,000 for an Atlantic Division title, $100,000 more for an ACC title, $75,000 if Florida State competes in the new college football playoff, $200,000 if the Seminoles play in the championship game and $200,000 more if they win the title.
A top-5 finish in the AP poll would also net Fisher $200,000, while a top-10 finish would earn him $100,000.
A "contract year completion benefit" kicks in each January 31, and Fisher receives $100,000 on that date in 2015-18.
Fisher’s buyout is flexible but tied to the number of assistant coaches that could depart with Fisher. The buyout could be nothing or as much as $5.4 million, calculated at a rate of $600,000 per assistant.
Florida State assistant coaches will also receive an additional $500,000 in a pool to be divided later. Fisher clearly wanted more money for his assistant coaches in hopes of keeping as many as possible in Tallahassee in 2014 and beyond.