LINCOLN, Neb. -- New Nebraska basketball coach Fred Hoiberg will be required to pay the university between $5.25 million and $11.5 million if he leaves to take another college coaching job in the next five years.
He would owe $11.5 million if he left the Cornhuskers in his first season, and the total would decrease to $5.25 million in the fifth. If Hoiberg were to head to an NBA coaching or executive job, he would owe $2.5 million in the first year and $250,000 in year five.
The terms of Hoiberg's agreement are in a memorandum of understanding released Friday. His signed contract was not available.
Hoiberg will be paid $2.5 million in the first year of his seven-year, $25 million contract with Nebraska. That rises to $3 million next year and to $3.5 million for each of the following five years. He also can earn a total of $2 million in retention bonuses.