Alford, UNM agree to 10-year contract (UPDATED WITH VIDEO)

Posted at: 03/20/2013 11:34 AM
Updated at: 03/21/2013 1:58 PM
By: staff

Steve Alford will remain the University of New Mexico men's basketball coach through the 2022-23 season, thanks to a new contract announced Wednesday.

UNM Vice President of Athletics Paul Krebs made the announcement prior to the Lobos' official practice at the NCAA tournament in Salt Lake City.

"This is a great era in Lobo Basketball, and that is due to the leadership of Coach Alford," said Krebs. "We want to ensure that Steve Alford is our coach for the foreseeable future, and this contract does just that." 

"I have said from our first game in The Pit that this was a special place and that it was a tremendous honor to be the head basketball coach at the University of New Mexico. Now six years in, we have built a top 25 program on and off the court," Alford said. "There is no other place I would rather coach than at UNM, representing the best fans in the country. I appreciate all of the efforts of my staff and student-athletes over the last six years in building a championship program." 

Alford's new contract is for ten years beginning on April 1. Some of the details of the new deal include updated incentives for winning the Mountain West regular season and tournament championship, advancing in the NCAA Tournament, and for top-25 wins. Certain incentives from the previous contract have been eliminated, such as RPI and strength of schedule markers. 


Term Sheet
Coach Steve Alford
March 18, 2013
This document will memorialize our agreement on the principal term of your new employment contract. We have agreed on the following principal terms, which will be incorporated into a definitive, written agreement. Terms are contingent upon our reaching agreement on a final written employment agreement.
Term of the contract: Ten years, commencing April 1, 2013. Contract will run April 1 through March 30. Length on the contract will not drop below 6 years. There are no additional years earned on the contract based on incentives earned.
Coach Alford will receive a $240,000 increase to his compensation for next year beyond any incentives earned this year that role into his base for next year.
Coach Alford agrees to not to open salary discussion for a 4 year period.
Unless specified in this agreement or changes are needed due to language that is outdated or no are longer accurate, remaining terms of existing contract remain intact.
University will commit to an additional salary pool of $65,000 for the basketball coaches and staff. Any raises must conform to University HR policy and must be approved by the Vice President for Athletics.
Should Coach Alford leave the employment of UNM he will be required to pay the following amount:
Prior to April 1, 2015 $1,000,000
After April 1, 2015 but prior to April 1, 2017 $500,000
After April 1, 2017 $300,000
New Incentives that read as follows:
Conference Championship $50,000
Conference Tournament Championship $50,000
NCAA Sweet 16 $60,000
NCAA Elite 8 $75,000
NCAA Final Four $125,000
Beat a top 25 team* $15,000
*ranking at the time of the game, capped at a maximum award of 3