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First-year Alabama basketball head coach Nate Oats’ contract was finalized Wednesday. The University of Alabama board of trustee's compensation committee approved the five-year deal that is set to run through March 14 of 2024. The compensation committee also approved a new deal for longtime assistant Antoine Pettway, who received a two-year contract set to run through June 30 of 2021.
Oats will earn $2.462 million per year with a base salary of $275,000, a talent fee of $2,175,000 and an expense account of $12,000. Before taking the job at Alabama, he agreed to an extension with Buffalo in March that would have paid him a little more than $800,000 a year. Alabama will also pay a $750,000 buyout to Buffalo as part of that previous contract.
The buyout in Oats’ contract with Alabama is much higher. If the head coach elected to leave in his first year, he would have to pay $8 million. That figure drops down to $6 million in the second year, $4 million in the third year, $2 million in the fourth year and $1 million in the final year.
Earlier this week, Oats was mentioned as a candidate for the head coaching position at Michigan recently vacated by John Beilein, who left to take the head coaching job with the Cleveland Cavaliers. Oats has since shot down those rumors in a text conversation with SPEC News Buffalo stating, “I love it in Alabama. Completely focused on my job there and getting my family moved down there."
Oats is also protected if Alabama decides to move on from him. If the university were to fire him in is first season, the head coach would receive $9,187,500. That figure falls to $7,350,000 in his second year, $5,512,500 in his third year, $3,675,000 in his fourth year and $1,837,500 in his final year.
The deal comes with several incentives, including the following:
— $50,000 for winning the regular-season SEC championship
— $50,000 for winning the SEC Tournament
— $50,000 for making the NCAA Tournament in his first two seasons / $25,000 for making the NCAA Tournament every year after that
— $50,000 for every win in the Final Four or national championship
— $50,000 for being named national coach of the year
— $25,000 for being named SEC Coach the Year
— $25,000 for attaining an 85 percent graduation rate and the team’s APR score exceeding the NCAA’s cut score
Pettway’s annual base salary is $325,000. His incentives are as followed:
— One month’s salary bonus if Alabama SEC regular-season title or SEC Tournament. If Alabama wins both, only one will be paid.
— 8 percent salary bonus if Alabama reaches NCAA Tournament/ 12 percent salary bonus if Alabama reaches Sweet Sixteen/16 percent salary bonus if Alabama reaches Elite Eight/ 18 percent salary bonus if Alabama reaches Final Four. Only the highest level of achievement will be paid.
