This season just became even more special for Mark Gottfried as the Wolfpack's selection into the NCAA Tournament triggered a clause in his contract that stated he would receive two additional years on his contract if NC state made the Big Dance in either his first or second season.
The clause, located on page 1 of his contract, states:
"In the even that NC STATE's men's basketball team (the "Team") receives an invitation to the NCAA Division I men's basketball post-season tournament for the 2011-12 or the 2012-13 season, then the term of this Agreement shall be extended for an additional two (2) years beyond the current ending date of the Agreement, such that the ending date would be April 4, 2018."
Gottfried, who led the Pack to a 22-13 record this year and a No. 11 seed in the Midwest Regional, stated on Sunday evening that he hasn't even had a chance to think about the contract extension.
"I haven't thought about that for one second. I really haven't," said Gottfried. "I'm sure in the next few weeks we'll look at all that, but truthfully that hasn't been a part of my thinking at all."
NC State Athletics Director Deborah Yow, who hired Gottfried and formulated the contract with him, acknowledged the extension and expressed her pleasure with the job Gottfried has done.
"To be honest, we actually put in his contract that the extension would occur if he reached the NCAAs in his first or second season because I didn't think the first year was close to being likely," said Yow. "I knew if our new coaching staff got us there I would be very excited, and I am.
"Words can't express what it was like sitting with the team, the coaches and their families and seeing our named called that late in the process. The spontaneous eruption of joy was unbelievable. I will never forget this."
According to Yow, the two additional years are guaranteed at $1.2 million per year for a total guaranteed compensation of $2.4 million.
Gottfried also has a chance to earn additional income through bonuses with his team in the tournament.
According to the contract, he would receive a bonus in the amount of one month's Annual Salary (approximately $62,500), if NC State achieves a Sweet Sixteen appearance.
Additional bonuses would include:
* A bonus in the amount of one month's Annual Salary (approximately $62,500), if NC State achieves an Elite Eight appearance.
* A bonus in the amount of one month's Annual Salary (approximately $62,500), if NC State achieves a Sweet Sixteen appearance.
* A bonus in the amount of one month's Annual Salary (approximately $62,500), if NC State achieves a Final Four appearance.
* A bonus in the amount of two month's Annual Salary (approximately $125,000), if NC State achieves an appearance in the championship game of the NCAA Tournament.
* A bonus in the amount of three month's Annual Salary (approximately $187,500), if NC State wins the NCAA Tournament.
"I'm happy about it," said Yow. "I'm happy about the extension because Mark has earned it, and he has earned the additional guaranteed money that comes with the extension. I'm delighted."