ISU men’s basketball coach Greg McDermott officially signed his $650,000 contract last week, finalizing the deal that had been expected since his hiring in March.

The six-year contract has a base salary of $225,000, plus guaranteed outside income for the remaining $425,000. McDermott will receive a $50,000 raise in his base salary each year, as well as an unusual package of performance bonuses.

Any bonuses McDermott earns will be added to his salary the following year. There is a possible $250,000 in yearly bonuses, including $50,000 for an NCAA Tournament berth.

– Luke Plansky