UNM and Coach Eric Olen Agree on New Five-Year Contract
The University of New Mexico (UNM) has finalized a new five-year contract with men’s basketball head coach Eric Olen, valued at $7.25 million through the 2030-31 season. This agreement replaces his previous contract rather than extending it, aiming to retain Olen after a successful inaugural season where he led the Lobos to 26 wins and the NIT semifinals. The deal includes a $100,000 retention bonus, a $175,000 increase in the assistant coaching salary pool, and significantly higher buyout clauses to deter departure for other programs. Specifically, Olen would owe 50% of the remaining contract value if he leaves within the first two years. UNM Athletic Director Ryan Berryman emphasized the strategy of investing in high-profile programs to elevate the entire athletic department, mirroring a similar recent move with football coach Jason Eck. The decision reflects UNM's response to interest from power-conference schools and aims to prevent the loss of key coaches, a challenge faced in previous seasons. Olen expressed gratitude for the community support and excitement about building on the team's foundation.
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UNM and Coach Eric Olen Agree on New Five-Year Contract
The University of New Mexico (UNM) has finalized a new five-year contract with men’s basketball head coach Eric Olen, valued at $7.25 million through the 2030-31 season. This agreement replaces his previous contract rather than extending it, aiming to retain Olen after a successful inaugural season where he led the Lobos to 26 wins and the NIT semifinals. The deal includes a $100,000 retention bonus, a $175,000 increase in the assistant coaching salary pool, and significantly higher buyout clauses to deter departure for other programs. Specifically, Olen would owe 50% of the remaining contract value if he leaves within the first two years. UNM Athletic Director Ryan Berryman emphasized the strategy of investing in high-profile programs to elevate the entire athletic department, mirroring a similar recent move with football coach Jason Eck. The decision reflects UNM's response to interest from power-conference schools and aims to prevent the loss of key coaches, a challenge faced in previous seasons. Olen expressed gratitude for the community support and excitement about building on the team's foundation.
yahoo sports