By Chadd Cripe
© 2012 Idaho Statesman
Boise State football coach Chris Petersen has agreed to a five-year, $12 million contract, the school announced Wednesday. The announcement came on the heels of the State Board of Education's unanimous vote to approve Petersen's raise to $2 million this year.
The full contract will go to the State Board for approval at its Feb. 15-16 meeting.
The contract calls for a $2 million compensation package in 2012, $2.2 million in 2013, $2.4 million in 2014, $2.6 million in 2015 and $2.8 million in 2016.
Petersen was scheduled to make $1.625 million in 2012 under terms of his old contract.
The buyout in Petersen's new contract will be $750,000. His previous buyout was $650,000.
The contract also will include incentives. Those have not been released.
Statements provided by Boise State:
President Bob Kustra: “Chris Petersen’s success in sustaining excellence in football at Boise State has created a unique opportunity for the University to achieve national attention as a school equally dedicated to academic excellence. This has created opportunities for Boise State, its faculty, staff and students that deserves to be recognized and rewarded. Chris is a national role model for football coaches across the nation and it is my fondest hope that he will provide that leadership from Boise State for years to come.”
Petersen: “I feel honored and blessed that I will continue to lead this football team. I appreciate the support of the administration and Bronco Nation, and I’m excited about the continued growth of this program.”
Incoming Athletic Director Mark Coyle: "President Kustra, Curt Apsey (interim athletic director) and I have worked closely during this transitional period and agree that this new agreement reinforces Boise State's commitment to Coach Petersen. The academic and athletic successes of the program under Coach Petersen's leadership are recognized nationally and we are excited that he will continue to lead our football student-athletes."
Here's the background on the contract, from yesterday's blog post:
Petersen is scheduled to make $1.625 million in 2012 under his current contract, which was announced at the 2010 Fiesta Bowl and improved in February and October 2011.
Petersen’s name came up for several vacancies in college football this season. He has a five-year, rolling contract that provides a $100,000 raise each year.
The contract is extended by a year each time the Broncos win at least eight games.
Petersen is 73-6 in six seasons as the Broncos’ head coach. He made $1.525 million plus bonuses in 2011.
Petersen originally signed for $500,000 per year to replace Dan Hawkins in 2006. He has received new contracts in 2007, 2010 and 2012, and his current contract was upgraded slightly in 2011.