UPDATE: Eustachy signs multi-million dollar contract with CSU Basketball

Larry Eustachy takes over the mens basketball team, following Tim Miles' departure to Nebraska.
Larry Eustachy. Collegian file phot

UPDATE: 2:00PM

One season was all it took for Larry Eustachy to impress Jack Graham and the CSU Athletics department. Eustachy signed a long-term lucrative deal with the Rams, locking him in the Green & Gold through the 2017-2018 season.

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Eustachy’s new deal with the Rams will make him $910,000 next season, with a two-percent increase added every season after.

The terms also give Eustachy bonuses for team success, including a $200,000 bonus for NCAA Tournament appearances.

“I am happy to announce that, for the rest of (Eustachy’s) career, he will also be known as a Ram. Larry led CSU to unprecedented success last season, and based on his track record at the highest level of collegiate athletics, we are very excited that his tenure as head coach of the CSU basketball program will continue perhaps into the next decade,” said Jack Graham, athletic director for CSU.

In his first season in Fort Collins, Eustachy guided the Rams to their second consecutive NCAA Tournament appearance, and their first tournament-game win in over a decade.

Re-signing Eustachy was a much-needed move for the CSU Athletics Department. After a year of multiple coaching changes in the department, Eustachy had the most success out of all the new hires.

Known for his ability to recruit legitimate talent out of junior colleges, Eustachy has already started attracting talented names like Stanton Kidd and Aurora’s Carlton Hurst.

“I’m incredibly pleased to be able to finalize this new contract, and humbled by the faith shown in me by Jack Graham and Dr. Frank,” Eustachy said. “When I was hired, I said that I wanted Colorado State to be my last stop, and that is something that I meant wholeheartedly.  To now have a contract in place that makes that a reality is something truly special.

Although Eustachy has repeatedly expressed his desire to reside in Fort Collins permanently—reflecting to his wife’s expressed desire to retire here—Eustachy has also been rumored to have interest in coaching at the NBA level.

Per his new contract, Eustachy would not be able to leave CSU at his own will. CSU made sure to put a buy-out clause in his contract, forcing those interested in his services to pay Colorado State $4.5 million to take him.

Eustachy staying in Fort Collins is a big deal for the program. One of the most enticing parts of a collegiate basketball program is the coaching staff, and the knowledge they can share to improve athletes. Eustachy has a proven track record, and a long-term contract will show stability to future recruits.

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ORIGINAL:

Colorado State Director of Athletics Jack Graham announced  Tuesday that men’s basketball Head Coach Larry Eustachy has agreed to a new contract that ensures he will remain in Fort Collins through at least the 2017-18 season, according to a news release from the University.

The new deal could also keep Eustachy – entering his 23rd season as a head coach – on the floor at Moby Arena through the 2020-21 season, with optional extensions for up to three seasons beyond the initial term of the contract.

“Throughout his career, Larry has always been known as a winner,” Graham said in the release. “I am happy to announce that, for the rest of his career, he will also be known as a Ram. Larry led CSU to unprecedented success last season, and based on his track record at the highest level of collegiate athletics, we are very excited that his tenure as head coach of the CSU basketball program will continue perhaps into the next decade.”

“I’m incredibly pleased to be able to finalize this new contract, and humbled by the faith shown in me by Jack Graham and Dr. Frank,” Eustachy said, according to the release. “When I was hired, I said that I wanted Colorado State to be my last stop, and that is something that I meant wholeheartedly.  To now have a contract in place that makes that a reality is something truly special.

In addition to the years added to Eustachy’s contract term, his base salary will be raised to $910,000 for the upcoming season, with a 2 percent increase set for each subsequent year.

The agreement has bonuses for team performance, including $40,000 for winning 20 games in a season, $100,000 for capturing the Mountain West Conference championship and $200,000 if the Rams earn a bid to the NCAA tournament.

There are also bonuses and salary increases if Eustachy leads CSU to the Sweet 16, Elite 8 and Final 4, or wins the National Championship.

As with Eustachy’s initial contract at Colorado State, any bonus is contingent on the Rams maintaining good academic standing in the NCAA academic progress rating (APR), and having no major violations of NCAA rules.

The new contract also includes fairly substantial increases in the amount Eustachy would have to pay CSU if he leaves before his contract is up. This includes an increased buyout of $4.5 million to be repaid to CSU if Eustachy were to leave for another job within the first five years of the deal. Buyouts for the optional extension years are also increased over his previous contract at $2.25 million during the 2018-19 season, $1.25 million in 2019-20 and $562,500 in 2020-21.