COLUMBIA, S.C. — South Carolina head men’s basketball coach Frank Martin has received a two-year contract extension, but it comes with an adjustment to his buyout that would make it easier for the school to part ways with him in the future if it chooses.
The University of South Carolina’s Board of Trustees approved the new deal Friday.
Nearly a month has passed since the end of the basketball season for South Carolina and since then, some players have hit the NCAA transfer portal while others are testing the NBA Draft waters.
The future of the head basketball coach has been a hot topic with former players and colleagues, along with members of the school’s Board of Trustees publicly supporting Martin in the wake of several reports saying he and the University were going to part ways.
From a public relations standpoint, it was not going to be a good look for Martin to be let go just four years after a Final Four run and this past season’s battles with COVID-19. Even with a 6-15 record and one NCAA Tournament appearance in nine seasons, Martin has a strong network of supporters who lobbied hard for the coach to remain in Columbia where he has long expressed his desire to remain and in fact, retire.
Plus, looking at the college basketball landscape, the only vialle candidate who could have generated a splash recently signed a new seven-year deal to remain in Stillwater, Oklahoma. Other than Mike Boynton, there wasn’t a big name who South Carolina could have lured to Columbia. So, with all that working in Martin’s favor, the prevailing thought was that he would indeed be back. The only question was what would the new contract look like. Now, we have the answer.
Martin’s extension does not give him a raise and it appears both sides were able to leave the table with something. Martin can now tell recruits he is under contract for at least four years and the school was able to adjust to restructure the buyout language.
Martin’s four-year contract runs March 31, 2025 and as far as the buyout is concerned, if he were to be fired effective April 1, 2022 or any time after that date, Martin’s buyout would not exceed $3 million.
As far as the two years that were added to the contract, the school is not financially obligated to pay a buyout for the final two years of the contract.
On Martin’s end, if he terminates the deal and chooses to go to another school, he would not be obligated to pay a buyout.
Martin will make $3.2 million for the 2021-2022 season. That salary was going to increase to $3.3 million and that annual salary will not change in the final two years of this contract.
Martin has an overall record of 153-131 and 70-88 in the SEC. He was hired in 2012 after a successful stint at Kansas State.