Rutgers Basketball Coach Signs $16-Million Contract Extension

NEW BRUNSWICK, NJ — Rutgers University announced Friday that the school and head men’s basketball coach Steve Pikiell have agreed to a four-year contract extension.

The contract extension means Pikiell will remain the Rutgers head basketball coach through the 2029-30 season, and pays him an additional compensation of $16 million, including performance and retention bonuses.

Pikiell now has an eight-year, $29.5 million contract running through the 2029-30 season, according to NJ.com, which obtained a copy of his contract. Friday's contract extension means he will actually be paid more than Rutgers' head football coach Greg Schiano.

This comes at a time when the Rutgers faculty union criticizes Rutgers for how money it spends on athletics, in particular football as it is now in the Big Ten conference. The Rutgers football program has been running at a $73-million deficit, an ongoing investigation by USA Today has found.

However, Rutgers University President Jonathan Holloway has defended the Rutgers football program, saying that most college athletics are “highly unlikely” to ever break even.

However, things are much rosier for Rutgers basketball: In six seasons, Pikiell has led the men’s basketball program to historic heights, including RU’s first NCAA Tournament victory in 38 seasons.

Fans across New Jersey have been flocking to see Rutgers' home basketball games.

On Friday, the Scarlet Knights are poised to face Iowa as the No. 4 seed in the 2022 Big Ten Tournament in Indianapolis. It marks the first-ever double bye for the program and highest seed RU has earned in the conference tournament.

“What Steve Pikiell has accomplished here ‘On the Banks’ is nothing short of extraordinary,” said Director of Athletics Pat Hobbs. “His leadership is driving success for our young men on the court, in the classroom, and ultimately in life. That’s what great coaches do and this extension ensures that Steve, Kate and their family will be at Rutgers for years to come. This is well deserved.”

"I’m glad that we will have him courtside for Rutgers for the foreseeable future," said Holloway.

Under Pikiell, Rutgers became the first unranked program in NCAA history to earn four-consecutive wins over ranked opponents, defeating then-No. 13 Michigan State, No. 16 Ohio State, No. 14 Wisconsin and No. 12 Illinois in February.

The Scarlet Knights earned their first-ever win over a No. 1 ranked team, with a buzzer-beating victory over top-ranked Purdue at Jersey Mike’s Arena.

Related: Rutgers' Athletic Debt Is 'Quite Concerning,' Murphy Says (Sept. 2021)

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