Terms of new Kentucky football coach Will Stein’s contract were released on Monday.
The contract began on Dec. 2 and will run through Jan. 31. Stein will be paid $5.5 million in his first season, plus incentives. The salary will increase by $100,000 each season through 2030.
Performance incentives - bonuses - up to $2.1 million annually for making the College Football Playoffs, Southeastern Conference titles and other milestones are included. Assistant and staff salaries are set at SEC competitive levels.
If Stein is fired without cause, he will be paid a reduced percentage (70 percent) of remaining salary that will be paid over the remaining terms of the agreement. If Stein terminates the contract without case, he will pay 30 percent of the remaining salary.
Benefits include standard UK benefits (401K, health, moving expenses and temporary housing), choice of two vehicles, private jet during transition from Oregon (through Feb. 1), personal suite for home games, tickets to other UK events and membership to one private golf club.
STOOPS BUYOUT
The separation agreement between Stoops and Kentucky also are detailed. Stoops’ employment concluded on Dec. 1 and a severance package totaling $37,867,500 will be paid through April 1, 2031.
An initial payment of $3.9 million is expected to be paid within 15 days of the separation. Those remaining annual payments, provided in quarterly installments, will total $6.75 million. (Jan., April, July and Oct.) through April 1, 2031.
Payments aren’t reduced by mitigation — future earnings — and Stoops will cooperate with UK on NCAA or SEC matters if needed, with expenses covered.
Kentucky AD Mitch Barnhart presents new coach Will Stein with a No. 1 jersey Wednesday in Nutter Fieldhouse. (Kentucky Today / Keith Taylor)
