Virginia Tech men’s basketball coach Mike Young will eventually become a $3 million man.
The financial terms of Young’s contract extension were disclosed by Tech on Friday. The Roanoke Times had reported June 28 that Young was getting a three-year extension that would keep him under contract through the 2026-27 season. But Tech did not announce that extension until Friday, when it also announced extensions for five other coaches.
Young, 58, concluded his second season as the Hokies’ coach in March. He still had three years left on his old contract, which was due to expire after the 2023-24 season.
Young’s total pay for the next three seasons is unchanged from his old deal. The new contract still calls for him to make $2.25 million in total pay (excluding bonuses) in 2021-22, $2.5 million in 2022-23 and $2.75 million in 2023-24.
He will also make $2.75 million in total pay in 2024-25. But his total pay will rise to $3 million in 2025-26. His total pay will remain $3 million in 2026-27.
Young’s base salary will be $500,000 in each of the first three years of the new deal, and will rise to $600,000 in the final three years. The rest of his total pay each year will come from supplemental compensation, which covers pay for such duties as media relations and Hokie Club appearances. His supplemental pay rises to $2.4 million in the final two years of his deal.
If Young wants to leave Tech for another coaching job in the first year of the deal (March 2021 through March 15, 2022) or in the second year, Young or his new employer must pay Tech a buyout of $1 million. The buyout drops to $500,000 if he exits in the third year of the deal and falls to $250,000 in the fourth year. But he does not have to pay any buyout if he leaves during the final two years of the deal.
If Tech wants to fire Young for poor performance in the first year of the deal, the school will have to pay Young a $12 million buyout. The buyout drops to $10 million in year two, $8 million in year three, $6 million in year four and $4 million in year five. The buyout in the final year is whatever he would have been paid in the final months of the deal.
Young, a Radford High School graduate, led the Hokies to the 2021 NCAA Tournament. The Hokies went 15-7 overall and finished third in the ACC standings with a 9-4 league mark. Tech was ranked No. 25 in the final Associated Press Top 25 poll. Young was named the ACC coach of the year.
When Young left Wofford for Tech in April 2019, he agreed to a five-year, $11.5 million contract. He reaped $2 million in total pay in his first year and was due to make $2 million in total pay for his second year.
But in December, he agreed to a 10% reduction in all payments for the 2021 calendar year to help Tech deal with the financial woes of the coronavirus pandemic.
That 10% reduction also affects the bonuses Young earned for Tech’s success this year. He was originally entitled to a $100,000 bonus for being named the ACC coach of the year; a $100,000 bonus for Tech making the NCAAs; and a $50,000 bonus for Tech finishing in the top four of the ACC standings. He was also originally entitled to a $50,000 bonus because the team had a GPA of at least 3.0 in the recently concluded school year.
Tech also announced five other coaches’ extensions Friday.
Baseball coach John Szefc received a four-year extension that will keep him under contract through the 2027 season. Szefc had agreed to a six-year deal when he left Maryland to take Tech’s reins in June 2017. His old deal was set to expire in June 2023.
Szefc’s team went 27-25 in the 2021 season. It was the first time Tech finished a full season with a winning overall record since 2013. But the Hokies finished the regular season in the Coastal Division cellar with a 16-20 ACC regular-season mark.
Szefc’s Hokies were nationally ranked in April but lost 15 of their final 17 games against ACC competition — a slide that ended their NCAA tournament hopes.
Director of men’s and women’s track and field and cross country Dave Cianelli received an extension that will keep him under contract through June 2024.
Cianelli said it was a two-year extension. Cianelli, who has guided the Hokies for 21 years, said the length of the extension was what he had asked for. Tech won the 2021 ACC men’s indoor track and field crown — the 17th ACC team title for the Tech men’s and women’s track and field and cross country program under Cianelli.
Women’s golf coach Carol Robertson had her letter of appointment extended through June 2027. Tech reaped its third straight NCAA tournament bid this year, then advanced from a regional to the NCAA national championships for the first time.
Men’s tennis coach Jim Thompson had his letter of appointment extended through June 2026. Thompson, who was hired in 1998, is the longest-serving coach among Tech’s active head coaches. Tech made the NCAA tournament this year for the 12th time in the last 14 seasons.
Women’s tennis coach Terry Ann Zawacki-Holdren had her letter of appointment extended through June 2023. Tech went 7-17 overall and 0-13 in ACC play this year, which was Zawacki-Holdren’s 18th year at the helm of the squad. Tech last made the NCAAs in 2015.
The financial terms for the coaches other than Young were not available Friday.
Tech athletic director Whit Babcock was not available for comment Friday.