Thursday, August 28, 2008
George Mason men's basketball coach Jim Larranaga received a 40 percent salary increase after extending his contract last spring and will be paid substantial sums each year he remains with the program and guides the Patriots to the NCAA tournament.
According to documents obtained through a Freedom of Information Act request, the university increased Larranaga's base salary to $525,000 from $375,000 as part of a three-year contract extension through the 2014-15 season.
The new deal was negotiated after Larranaga was interviewed for an opening at Providence, his alma mater. Larranaga, 58, has a 207-131 record in 11 seasons in Fairfax and has taken the Patriots to the NCAA tournament four times, including the Final Four two years ago. This past season, George Mason (23-11) won its first Colonial Athletic Association title in seven years before losing to Notre Dame in the first round of the NCAA tournament.
Besides the salary upgrade, Larranaga will continue to receive a $75,000 lump sum each year he remains at George Mason. He will also earn $10,000 per year if the Patriots win 19 regular season games and an additional $15,000 if they win 22.
Other bonuses include $52,500 for advancing to the NCAA tournament and $26,250 for each victory in the first two rounds. If the Patriots reach a region final, Larranaga would earn an additional $52,500. He would also receive $5,000 for being named CAA coach of the year; $10,000 for any national coach of the year honor; and bonuses based on percentages of his salary for players' academic performances.
Under the new agreement, the university also pledged to spend up to $150,000 annually to increase the "profile and visibility" of the program by facilitating nonconference home games and participation in tournaments.
-- Steven Goff