Michigan State released the terms sheet late Tuesday afternoon for new head football coach Jonathan Smith's contract. The details come following his introductory press conference over the lunchtime hour that same day and just three days after news of his hire broke.
Smith will be receiving a substantial pay bump from his $4.85 million per year salary at Oregon State with the move to East Lansing. MSU is signing Smith to a seven-year contract with a base salary of $6 million per year through the contract's lifespan and an annual $100,000 increase each year to his supplemental pay, starting his annual compensation at $7.25 million and capping out at $7.85 million per year prior to potential incentives.
MSU will also be paying OSU a $3 million lump sum within the next 60 days on behalf of Smith's departure from Corvallis.
MSU also guarantees 85% of the remaining contract term should it terminate Smith's employment before the seven-year contract is complete, barring potential offsets by a future coaching job. Michigan State would also provide 100% of Smith's health insurance benefits for the first three months following his termination.
Should Smith leave for another job, he would owe MSU $7 million through the first fall season of his contract, with that amount reducing by one million per year until Dec. 2, 2029 when it would be $0. Should Alan Haller cease being the Athletic Director for the Spartans, Smith's buyout would be reduced by 50% as a result, though.
The second page focuses primarily on the benefits perks that come with Smith's job beyond his salary. Those include standard employment benefits like retirement program benefits, health insurance, life insurance, prescription drug coverage, and other standard provisions for employment. Also included are university tuition benefits for Smith, his wife, and his children.
Smith will further receive the use of two luxury cars, or one luxury and one comparable automobile. Additionally, Smith will be eligible for a University provided cell phone, membership at a country club, and receive a number of season tickets for athletic events. Included in those are use of a box/suite at Spartan Stadium, six home game tickets for each home game, five away game tickets for each away game, and sig tickets to any post-season game MSU qualifies for.
Additionally, Smith gets five men's basketball, five women's basketball, and five men's hockey season tickets along with an all-access parking pass for athletic events in addition to two parking passes for football.
Smith will have access to a private plane for up to 50 hours annually for he and his family along with his family having the ability to join the team on its charter plane for travel to away games and postseason competition upon his request.
Finally, he will receive 60 tickets for each home game for exclusive use of University promotion and development purposes in addition to relocation expenses and surviving spouse insurance coverage in the event of his death while working for MSU.
Another important detail fans will be looking for in particular is the assistant pool. MSU is making a "minimum" sum of $10.75 million available to Smith for hiring his assistant coaches and support staff.
Michigan State also has a number of bonuses available for Smith. Should he hit every single one (minus two he would be ineligible for by hitting the other achievements), he could increase his pay by a total of $1.785 million. Among those potential bonuses are payments for making the College Football Playoff, advancing in the CFP, earning Coach of the Year honors, and winning a Big Ten title, among others.
Finally, there are several requirement placed upon Smith such as notifying MSU if he talks to other entities about pursuing a job elsewhere. Smith also is allowed to have time to respond to any discipline or termination notice for misconduct, and shall have hiring, firing, and discipline authority over his coaching staff, among other matters.
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