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Purdue basketball coaches Matt Painter, Katie Gearlds receive extensions

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Purdue basketball coaches Matt Painter, Katie Gearlds receive extensions

WEST LAFAYETTE − Stability has been a key for more than four decades with Purdue’s men’s basketball program.

Katie Gearlds hasn’t been shy that she’d prefer to stay the head coach of Purdue’s women’s basketball program for the long term.

The athletics department wanted to make sure that was the case, too, offering extensions to both Gearlds and Purdue men’s coach Matt Painter.

On Friday, the Purdue Board of Trustees approved both contract extensions.

Painter’s previous contract included a separate base salary and supplemental stipend, which now lumps into just a base salary for the rolling five-year period, keeping him under contract through the 2028-29 season. Gearlds’ two-year extension also keeps her under contract through the same period.

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Additionally, Painter receives a $450,000 retention bonus on Sept. 1, 2024 if he remains the men’s basketball coach and $250,000 over the duration of the contract on Sept. 1 for each year forward that he remains in the position.

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Moving forward, Painter’s annual compensation, which includes base salary, supplemental retirement contribution, life insurance premium advance and his annual retention bonus will be:

∎ 2024-25: $4.85 million

∎ 2025-26: $4.975 million

∎ 2026-27: $5.175 million

∎ 2027-28: $5.2 million

∎ 2028-29: $5.225 million

Gearlds will receive a boost in base pay from $550,000 to $700,000 beginning July 1, an amount that is scheduled to increase by $20,000 annually on July 1 throughout the duration of the contract.

The buyouts in the event Gearlds is either terminated or elects to leave before the contract ends also increase.

Those sums include:

∎ Between July 1, 2024 and June 30, 2025: $2 million (if terminated without cause)/$750,000 (if Gearlds elects to leave)

∎ Between July 1, 2025 and June 30, 2026: $1.6 million (if terminated without cause)/$500,000 (if Gearlds elects to leave)

∎ Between July 1, 2026 and June 30, 2027: $1.2 million (if terminated without cause)/$375,000 (if Gearlds elects to leave)

∎ Between July 1, 2027 and June 30, 2028: $1 million (if terminated without cause)/$250,000 (if Gearlds elects to leave)

∎ Between July 1, 2028 and June 30, 2029: $50,000 per month for remaining months (if terminated without cause)/$125,000 (if Gearlds elects to leave)

Sam King covers sports for the Journal & Courier. Email him at sking@jconline.com and follow him on Twitter and Instagram @samueltking.

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