Nebraska head basketball coach Tim Miles will receive a one year contract extension according to Jon Rothstein of CBS Sports. This would take his current contract through the 2020-21 season. If true, Tim essentially has a 3 year contract going forward at this point.
Nebraska's Tim Miles has received a one-year contract extension, per a source. Deal is now through the 2020-21 season.— Jon Rothstein (@JonRothstein) April 17, 2018
Coach Miles and Nebraska Athletic Director Bill Moos have been in talks the past few weeks. A lot of it has been the two getting to know each other and trying to understand the future and direction of the program. Bill waited until the basketball season to end to approach this topic with Tim as he did not want any distractions during the season.
I am sure there are some stipulations in regard to what coach Miles and Nebraska basketball will need to do over these upcoming years but all of that is unknown at this time.
It has taken a little while longer than many have hoped for but what has seemed to be a long negotiation has come to a close for now. Stay tuned for more information as we get it regarding this news.
Updated: Statements from Tim Miles and Bill Moos.
“Tim and his staff did an outstanding job this season with 22 wins and 13 Big Ten Conference victories. That type of performance certainly merits an extension of Tim’s contract as the leader of our men’s basketball program. I have been very impressed with the energy and passion Tim provides for the Nebraska men’s basketball program, as well as his commitment to his staff and the young men on our team.”
“We have great young guys in our program. Our spring workouts are going well, and we are excited for next season. As this past season showed, we are building in the right direction. I am appreciative of the University administration and Athletic Director Bill Moos for their support of our program.”
Update #2: Contract details
Source: Miles' one-year extension is identical to the final year of his current contract. So: Salary of $2.5 million, which is what he is scheduled to be paid beginning April 1, 2019.— Chris Basnett (@HuskerExtraCB) April 17, 2018
Buyout is $105K per month for whatever time remains on his contract should Miles be fired.
Miles’ contract now runs through the 2020-21 season. He will make 2.5 million a year starting next April (2019). If fired before the end of his contract in 2021, Nebraska will owe him $105k for each month remaining.
In essence, if Nebraska fires Miles in 2019, they will pay him for 2020 (2.5-2.8 million depending on if his contract starts April or July) but not for the extended season. That’s a NU-friendly buy-out.
For comparison’s sake, Miles’ old buy out was 75k a month. If Nebraska had fired him this off-season, they would owe him 1.8-2.1 million.
Assuming the new contract has similar language, if Tim Miles lands a job which pays him in excess of 900k a year, Nebraska no longer owes him buyout money.
Clearly, the ball is in Miles’ court if he wishes to remain at Nebraska beyond next season. Best of luck to Nebrasketball, let’s go win a tourney game. - SC&C