The UT System Board of Regents are set to formally approve men’s basketball coach Shaka Smart’s contract at their May meeting, which is scheduled to begin Wednesday.
There were no real surprises. Smart received a six-year package worth approximately $3 million guaranteed annually. There’s a seventh year included the contract worth $3.4 million, however that money is not guaranteed for the 2021-22 season.
As part of the agreement with Virginia Commonwealth, Texas officials will pay VCU a one-time $500,000 fee to buyout Smart’s contract with the Richmond, Va., school. The Longhorns must also agree to play a home-and-home series against the Rams in the future or pay $250,000.
Smart also receives access to two dealer-provided automobiles, or he can receive $7,500 annually. Smart is also given a membership to the UT Golf Club and UT Club inside Royal-Memorial Stadium.
The contract includes a bonus structure typical for most Texas coaches. Smart can max out in bonuses in any given year at $550,000. As part of that total, he can receive $50,000 for the team’s academic performance and another $50,000 for being named national coach of the year.
The entire contract must be approved by the UT regents, however that is usually a formality by this point.
The regents are also scheduled to approve a contract offer to new Texas receivers coach Jay Norvell. The former Oklahoma assistant received a two-year guaranteed deal worth $370,000 annually. All of Charlie Strong’s coaches were given guaranteed two-year contracts when they arrived in Austin.
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