Dusty May contract: Predicting the new Michigan HC's salary structure, incentives and more
Michigan and Dusty May have agreed to a five-year deal, making him the 18th head coach in the Wolverines' history. May will replace Juwan Howard, who was fired by the team after going 8-24 in the 2023–24 season.
American sports columnist Adrian Wojnarowski reported the transaction on Twitter, citing ESPN sources. May's agency, Klutch Sports, is completing the details of the long-term deal with the school.
UPDATE: According to the latest press release from Michigan University, May has signed a 5-year deal with the Wolverines, with an average value of $3.75M annually. This is only a marginal increase from May's $3.57M per year salary with FAU.
In a separate report, Michigan President Santa Ono expressed excitement with the new development, as May will bring the system that propelled Florida Atlantic to the Final Four of the 2023 NCAA Tournament.
"I am thrilled to welcome Dusty May to the University of Michigan as our new head basketball coach," Ono wrote on social media.
Sources told Wojnarowski that May was convinced by Michigan's vast alumni network and the school's loyalty to the university and its athletic program.
He believes that both factors will further boost team recruitment and player retention amid the modern NIL/transfer portal era.
It may be recalled that May signed a 10-year, $15.7-million contract extension after leading FAU to its first-ever Final Four last season. He was paid $1.25 million this season and his salary intends to go up five percent a year until 2023.
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Dusty May's Michigan contract is expected to be a lot better than his previous deal
According to his contract with Florida Atlantic, May's buyout is pegged at $1 million this season. Following the agreement, Michigan will now pay Florida Atlantic $1 million for the acquisition, as May is still under contract with the Owls.
May's buyout was initially set at $1.5 million but after Feb. 29, it declined to $1 million. If he stayed with Florida Atlantic, his buyout would go down to $750,000 next season and $500,000 by 2025–26.
The details of May's contract with Michigan have yet to be disclosed but it's expected to be higher than the deal he had with Florida Atlantic, given the school's NCAA tradition and marketability.
Before he was fired, Howard was in the third year of his five-year deal with Michigan. He was paid $3.4 million annually with a $3 million lump-sum buyout for termination without cause.
There is a possibility that Michigan is considering May's 2023 Final Four stint as leverage for higher pay. He could earn between $5 million and $6 million in his first year with a buyout clause of $3.5 million.
It could peak at around $6.5 million to $7.5 million, including bonuses, making him one of the 10 highest-paid coaches in the nation next year.
May has become one of the sought-after NCAA coaches since he guided FAU to the Final Four in 2023 and Michigan hopes it finally secured the mentor who'll guide them to its second national championship.
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