STILLWATER — More than seven months after Mike Gundy agreed to a new contract, the Oklahoma State coach has signed the seven-year, $15.7 million deal he agreed to in December 2008.
“Everything is finalized and everything is signed,” Gundy said during Friday’s media luncheon at Karsten Creek Golf Club. Gundy will average $2.242 million per season over the seven years of the contract. The contract also includes a buyout of $3 million if Gundy leaves before the contract expires. The former OSU quarterback will receive a first-year base salary of $375,000 with incremental increases throughout the seven-year deal. He will also receive incentives totaling $1.425 million beginning in 2009 with incremental increases. In addition, Gundy can earn the following incentives: $500,000 for a national championship, $100,000 for a BCS bowl game appearance or Big 12 Championship, $400,000 for participation in a bowl game three out of five years and $600,000 for participation in a bowl game four out of five seasons. For any non-BCS bowl appearance, Gundy receives one month’s salary, which varies depending on the year of the contract.