Indiana’s memorandum of understanding that it reached with coach Mike Woodson on Sunday will pay him an average of $3 million in annual compensation. The deal is for six years.
According to the terms of the deal, Miller will be paid a base salary of $550,000 per year and will earn $2,450,000 annually in outside marketing and promotional income.
Both Woodson and Athletics Director Scott Dolson signed the memorandum of understanding on Sunday.
Bonuses are also included in the deal, as outlined below:
In the event that the university terminates Woodson within the first four years of his deal, he will be owed 100% of the base salary and supplemental compensation due to him through the end of the normal expiration date of the deal, which is March 31, 2027.