ABOR approves Tommy Lloyd contract extension with Arizona Wildcats
The Arizona Board of Regents on Thursday unanimously approved a contract extension and raises for Arizona Wildcats men’s basketball head coach Tommy Lloyd, according to the Arizona Daily Star’s Bruce Pascoe.
It’s a five-year deal through 2027 that extends past the end date of his previous contract, March 2026. The extension rewrites the terms of his deal signed last year, when Lloyd left as head assistant at Gonzaga to replace Sean Miller at Arizona.
Lloyd’s base salary of $1.8 million from a year ago jumps to $2.9 million this coming 2022-23 season. The base increases by $100,000 annually and each year includes an additional $700,000 for “additional duties.”
“Tommy Lloyd has been a tremendous leader for Arizona Men’s Basketball in his first year as head coach,” University of Arizona president Robert C. Robbins said in a statement. “He has energized the University’s fan base with his Bear Down spirit, led our team to an incredible record with integrity, and, most importantly, been an effective mentor and advocate for our student-athletes. I look forward to his continued impact.”
The Wildcats’ deals with Nike and IMG would each add $200,000 to the yearly total, putting his approximate $4 million annual earnings second in the Pac-12 behind UCLA’s Mick Cronin, according to the Arizona Daily Star.
There are built-in bonuses each season for team GPA, Academic Progress Rate scores and on-the-court successes.
Lloyd would make $50,000 extra for a Pac-12 regular-season title, another $50,000 for winning the conference tournament and incrementally more money for advancing beyond the first round of the NCAA Tournament. A national championship would net Lloyd a $500,000 bonus.
Regular season win totals, coach of the year honors and Associated Press or USA Today Coaches Poll rankings also come with five-figure bonuses.
A buyout agreement in the contract says that Lloyd would owe the University of Arizona $12 million if he leaves the team in the first two years of the new contract. He would owe $6 million if he leaves in year three and $2 million if he departs in the fourth or fifth years of the contract.
Lloyd led the Wildcats (33-4) to a Pac-12 regular season title, tournament championship and Sweet 16 berth in his first year as a college head coach.
“I am thankful for the continued support of Arizona basketball, but our players and staff deserve credit for making my first year a special one,” Lloyd said in a release. “Everyone played an important role in helping us win two Pac-12 championships while competing at the highest level.
“I would also like to give a special thank you to the Arizona Board of Regents, president Dr. Robert C. Robbins and Director of Athletics Dave Heeke for their unwavering commitment to our program, who, along with our incredible fans, make Arizona such a special place.”