BLOOMINGTON, Ind. (WISH) — Indiana University has made public new men’s basketball head coach Darian DeVries‘ binding term sheet he signed with the school. The term sheet said that DeVries’ deal is for approximately six contract years from March 19, 2025 to March 31, 2031. It goe s on to say that DeVries will receive: Annual base salary of $550,000 Annual outside, marketing, and promotional income (“supplemental income”): March 19, 2025 through March 31, 2026 – $3,700,000 April 1, 2026 through March 31, 2027 – $3,800,000 April 1, 2027 through March 31, 2028 – $3,900,000 April 1, 2028 through March 31, 2029 – $4,000,000 April 1, 2029 through March 31, 2030 – $4,100,000 April 1, 2030 through March 31, 2031 – $4,200,000 The “supplemental income” listed above includes “delivering, making, and granting public appearances” and other personal appearances with sponsorship and product and supply agreements for the men’s basketball program. The term sheet went on to discuss annual incentive compensation for achieving performance goals: $125,000 if the team wins “outright” or “ties” for the B1G regular season title $50,000 if the team wins the B1G postseason tournament $25,000 if the team receives a bid to the NCAA Division I Men’s Basketball Tournament $25,000 if the team advances to the round of 32 in the NCAA Division I Men’s Basketball Tournament $35,000 if the team advances to the Sweet 16 in the NCAA Division I Men’s Basketball Tournament $50,000 if the team advances to the Elite Eight in the NCAA Division I Men’s Basketball Tournament $125,000 if the team advances to the Final Four in the NCAA Division I Men’s Basketball Tournament $250,000 if the team wins the NCAA Division I Men’s Basketball Championship $50,000 if voted the “Big Ten Coach of the Year” by either the conference coaches or by the B1G Media Voting Panel – Maximum of $50,000 for this category in any one season $50,000 if voted the Naismith College Coach of the Year, the AP College Basketball Coach of the Year or the USA Today College Basketball Coach of the Year – Maximum of $50,000 for this category in any one season In addition, DeVries will receive IU’s benefits (health, dental, life insurance and retirement) program. He also receives $25,000 for moving expenses, a one-time signing bonus of $50,000, an annual allowance of $10,000 for the placement of orders for adidas products. He also will receive season tickets to IU Athletics competitions as well as unlimited family use of the Pfau Course at IU among other incentives. The following are some additional details in the term sheet: If DeVries resigns, or if his employment is terminated by the University for Cause, the University shall not be liable for any compensation or benefits after the date of resignation or termination If DeVries’ employment is terminated by the University without Cause, the University will pay DeVries 80% of his remaining Base Salary and Supplemental Income through the Normal Expiration Date of the Term The University agrees to pay DeVries’ buyout obligation to the University of West Virginia in a manner that is tax-neutral to DeVries If DeVries resigns prior to the end of the term of the agreement, he will pay to the University as follows: Before March 15, 2026 – $10,000,000 Before March 15, 2027 – $8,000,000 Before March 15, 2028 – $6,000,000 Before March 15, 2029 – $3,000,000 Before March 15, 2030 – $1,000,000 After March 15, 2031 – $0 At the bottom of the term sheet, IU Director of Athletics Scott Dolson wrote, “I have every confidence that you will lead with integrity and price, and I look forward to you taking on this important role at Indiana University.” ...read more read less