Darrell Hazell’s contract was approved by Purdue’s board of trustees on Saturday. The football coach will have an annual salary of $2 million.
Hazell has a six-year contract. The $2 million annual contract includes a base university salary of $250,000 and a $1.75 million supplemental stipend as compensation for radio, television and other development and marketing appearances, $300,000 of which could be deferred if a suitable agreement within IRS rules can be executed.
Bonus compensation could total up to $1 million more if Hazell meets all the milestones outlined in the term summary.
There’s also a compensation pool of $2.1 million for Hazell to hire assistant coaches as well as a $725,000 interest-free loan to cover the cost of his buyout at Kent State. The loan will be forgiven in installments over time as Hazell meets the conditions of his Purdue contract.
Hazell, 48, was announced as the 35th football coach in Purdue history on Dec. 5.