Aug. 6, 2013
FORT COLLINS, Colo. – Colorado State Director of Athletics Jack Graham announced Tuesday that men’s basketball Head Coach Larry Eustachy has agreed to a new contract that ensures the Rams’ hoops mentor will remain in Fort Collins through at least the 2017-18 season.
The new deal could also keep Eustachy – entering his 23rd season as a head coach – on the floor at Moby Arena through the 2020-21 season, with optional extensions for up to three seasons beyond the initial term of the contract.
“Throughout his career, Larry has always been known as a winner,” said Graham. “I am happy to announce that, for the rest of his career, he will also be known as a Ram. Larry led CSU to unprecedented success last season, and based on his track record at the highest level of collegiate athletics, we are very excited that his tenure as head coach of the CSU basketball program will continue perhaps into the next decade.”
“I’m incredibly pleased to be able to finalize this new contract, and humbled by the faith shown in me by Jack Graham and Dr. Frank,” said Eustachy. “When I was hired, I said that I wanted Colorado State to be my last stop, and that is something that I meant wholeheartedly. To now have a contract in place that makes that a reality is something truly special.
“Colorado State is an incredible place with so much to offer. I know that our basketball program can contribute in very positive ways to the overall quality of life and the student experience at our University. I believe completely in what we are building inside Moby Arena, and I know that we are just scratching the surface of the potential for not only our program, but the entire athletics department and Colorado State.”
In addition to the years added to Eustachy’s contract term, the two-time national coach of the year will have his base salary raised to $910,000 for the upcoming season, with a two-percent increase set for each subsequent year.
The agreement has bonuses for team performance, including $40,000 for winning 20 games in a season, $100,000 for capturing the Mountain West Conference championship, and $200,000 if the Rams earn a bid to the NCAA tournament.
There are also bonuses and salary increases if Eustachy leads CSU to the Sweet 16, Elite 8 and Final 4, or wins the National Championship.
“These are outstanding achievements that many programs would view as stretch goals,” said Graham. “Each achievement carries with it a bonus that we’d be thrilled to have the opportunity to award.”
As with Eustachy’s initial contract at Colorado State, any bonus is contingent on the Rams maintaining good academic standing in the NCAA academic progress rating (APR), and having no major violations of NCAA rules.
The new contract also includes fairly substantial increases in the amount Eustachy would have to pay CSU if he leaves before his contract is up. This includes an increased buyout of $4.5 million to be repaid to CSU if Eustachy were to leave for another job within the first five years of the deal. Buyouts for the optional extension years are also increased over his previous contract at $2.25 million during the 2018-19 season, $1.25 million in 2019-20 and $562,500 in 2020-21.
Eustachy was hired by Graham to take over the reins of the CSU basketball program on April 12, 2012. In his first year at the helm, he led the Rams to arguably the best season in school history, guiding the squad to a school-record 26 victories and an NCAA Tournament victory over the Missouri Tigers before bowing out against eventual national champion Louisville.
The Rams cracked the Associated Press top 25 for first time since 1954, and in the process Eustachy became the only head coach in NCAA Division I history to lead five different programs – Colorado State, Southern Miss, Iowa State, Utah State and Idaho – to 24 or more wins in a single season.
Eustachy, who is closing in on 500 career victories, has amassed an impressive 428-267 (.616) record in 695 games as a head coach.
Under Eustachy’s watch, Moby Arena has become recognized as one of the toughest places to play in the country, as CSU tallied a program-record 16-1 mark at home in 2012-13. The Rams played in front of four sellout crowds and recorded the program’s best average attendance mark (5,440 per game) in 15 seasons, since the 1997-98 season drew 5,697 fans per contest.