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Contracts of Purdue basketball coaches Matt Painter and Katie Gearlds extended

WEST LAFAYETTE – Stability has been a key factor in the Purdue men's basketball program for more than four decades.

Katie Gearlds has made no secret of her desire to remain the long-term head coach of Purdue's women's basketball program.

The athletic department also wanted to ensure this and offered both Gearlds and Purdue men's coach Matt Painter a contract extension.

On Friday, Purdue's board of directors approved both contract extensions.

Painter's previous contract included a separate base salary and additional salary, which will now be reduced to a base salary for the rolling five-year period, keeping him under contract through the 2028-29 season. Gearlds' two-year contract extension also keeps her under contract for the same period.

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In addition, Painter will receive a retention bonus of $450,000 if he remains the men's basketball coach on September 1, 2024, and $250,000 over the term of the contract on September 1 for each additional year he remains in that position.

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Going forward, Painter's annual compensation, which includes base salary, an additional pension contribution, an advance on his life insurance premium and his annual retention bonus, will be as follows:

∎ 2024-25: $4.85 million

∎ 2025-26: $4.975 million

∎ 2026-27: $5.175 million

∎ 2027-28: $5.2 million

∎ 2028-29: $5.225 million

Gearlds will receive an increase in his base salary from $550,000 to $700,000 effective July 1. This amount will increase by $20,000 annually on July 1 for the duration of the contract.

Severance payments in the event that Gearlds is terminated or decides to leave the company before the end of his contract will also increase.

These amounts include:

∎ Between July 1, 2024 and June 30, 2025: $2 million (if terminated without cause)/$750,000 (if Gearlds chooses to leave)

∎ Between July 1, 2025 and June 30, 2026: $1.6 million (if terminated without cause)/$500,000 (if Gearlds chooses to withdraw)

∎ Between July 1, 2026 and June 30, 2027: $1.2 million (if terminated without cause)/$375,000 (if Gearlds chooses to retire)

∎ Between July 1, 2027 and June 30, 2028: $1 million (if terminated without cause)/$250,000 (if Gearlds chooses to withdraw)

∎ Between July 1, 2028 and June 30, 2029: $50,000 per month for the remaining months (if terminated without cause)/$125,000 (if Gearlds decides to withdraw)

Sam King covers sports for the Journal & Courier. Email him at [email protected] and follow him on Twitter and Instagram at @samueltking.