Buzz Williams’ contract with Virginia Tech hasn’t been formalized, but he has signed a term sheet with Virginia Tech.
Here are the details, as handed out tonight at Buzz’s introductory press conference.
Term: Seven years, ending March 24, 2021.
Total Salary (1st year): $2.3 million, inclusive of a base salary of $500k.
Annual Increase for Length of Term: $100k per year added to total compensation. (Example: Coach Williams will receive $2.4 million in compensation in year two, $2.5 in compensation in year three, etc.)
Salary Pool for Top Three Assistants: $725,000
The total compensation makes Buzz Williams the 13th highest paid coach in NCAA basketball, as of the compensation figures included in this Dec. 7, 2013 article on Business Insider. Buzz actually slips down the list from #9 to #13, taking a pay cut from $2.8 million to $2.3 million.
The $725k salary pool for his top three assistants is a marked increase from what Virginia Tech has paid in the past. As recently as a few years ago, in the Seth Greenberg era, the top three assistants were being paid $375k per year, according to a source.
Two years ago, in response to assistant coach departures, then-AD Jim Weaver approved a $480k assistant salary pool for Greenberg, per this Washington Post article … but then Weaver fired Greenberg mere days after the article was posted.
Williams will, of course, also hire a Director of Basketball Operations, and one source tells TSL that three additional non-coaching staff positions have been approved for Williams, though this was not discussed in tonight’s press conference and has not been verified.
In any event, the total compensation of $3.025 million for Buzz Williams and his top three assistants represents a major increase in spending on coaches salaries, and indicates that athletic director Whit Babcock is serious about making a serious commitment to men’s basketball.
Buzz Williams’ contract is expected to be formalized within 90 days.