Details of Philip Rivers NC State five-year contract revealed after shock hire including all the glitzy benefits
The hiring of Philip Rivers as NC State’s newest football head coach became official Friday following a board vote to approve his contract. Rivers signed a five-year, $18.25 million deal that will pay $3.25 million in his first year and increase by $200,000 annually, according to On3.NC State opted to fill its vacancy by bringing back the Wolfpack legend and 18-year NFL quarterback.The conversations date back to last Wednesday, when NC State leadership met with Rivers before he coached St.Michael’s Catholic High School in the first round of Alabama’s Double-A playoffs.Rivers’ initial deal runs through Dec.
31, 2031, including an annual base salary of $2,437,500 per season, plus $812,500 in supplemental compensation each year, according to On3. The Wolfpack Hall of Famer also has an interesting amount of academic incentives in this deal.Rivers can earn up to $100,000 per year if the federal graduation rate reaches 100 percent, another $100,000 per year if the four-year graduation success rate reaches 100 percent and an additional $100,000 if the academic progress rate reaches 1000, per On3.For on-field success, Rivers reportedly will earn $50,000 for eight wins, $100,000 for nine, $150,000 for 10, $200,000 for 11 and $250,000 for 12 or more in a season. Rivers can also earn $50,000 for playing in a non-College Football Playoff bowl game, $100,000 for winning one and $300,000 for playing in the first round of the College Football Playoff, per On3.He’ll reportedly receive an additional $75,000 for each subsequent playoff round and $1 million if the Wolfpack win the national championship during his tenure.An ACC Coach of the Year award adds $50,000 to his contract, while being named National Coach of the Year by any publication would earn him $100,000, according to On3.The contract also reportedly provides other benefits and non-salary compensation, including two courtesy vehicles, 20 tickets to every game, six men’s basketball tickets to any regular-...