Josh Pastner is currently the head men’s basketball coach at Georgia Tech. Before the beginning of the 2016 season, he signed a 6-year contract with the school that is worth an average of $1.87 million per year.
Under the structure of the contract, Pastner’s compensation goes up with each season. In the 2016-2017 season, he earned $1.6 million. In the 2017-2018 season, we will have earned $1.7 million.
In 2021-2022, Pastner will earn $2.2 million. These figures do not include a $500,000 incentive clause for achieving academic and athletic goals, which were yet to be determined at the time of the contract’s publication.
What Happens if Josh Pastner is Fired?
If Pastner is fired from his position for a reason that does not qualify as a “good cause,” then he is entitled to a substantial amount of his base compensation under the contract. For the first three years of his contract, he would receive 100% compensation after termination. Years 4 and 5 provide 75% compensation, while year 6 would be 60% compensation.
Good cause is defined in Pastner’s contract as being convicted of a felony, injurious conduct to Georgia Tech, violation of NCAA legislation classified as a Level 1 or Level 2 breach, or serious and repeated misconduct.
If Pastner decides to pursue another coaching opportunity, he also agrees to a $750,000 buyout before April 2019 or a $500,000 buyout after that date. A resignation from the position would trigger the buyout clause as well.
What Has Happened Since Pastner’s Contract Was Signed?
During the 2016 basketball season, Pastner’s team exceeded the school’s expectations. Three victories against ranked teams were amongst the accomplishments noted by the school. Pastner was also named the Atlantic Coast Conference coach of the year and his team made it to the NIT final.
In 2017, because of these successes, Georgia Tech agreed to a 1-year extension of Pastner’s agreement. Terms of that deal were not disclosed.
In a press release issued by the school announcing the contract extension, athletic director Todd Stansbury praised Pastner for the culture he brought to the school.
Pastner is currently embroiled in a lawsuit regarding his conduct and how the litigation proceeds may determine his future contract status at Georgia Tech. His team finished the regular season with a record of 13-18 in 2018.
Keith Miller has over 25 years experience as a CEO and serial entrepreneur. As an entreprenuer, he has founded several multi-million dollar companies. As a writer, Keith's work has been mentioned in CIO Magazine, Workable, BizTech, and The Charlotte Observer. If you have any questions about the content of this blog post, then please send our content editing team a message here.