After darn near six months of rumors, it appears Mark Hudspeth’s contract extension is finally complete.
The Lafayette Advertiser reported Thursday that Hudspeth has inked a six-year, $6.45 million contract running through 2019. Hudspeth will earn a $950,000 salary in 2014, and receive a $50,000 retention bonus on January 1 of each year. According to the paper, that yearly bonus will be dropped into an annuity and then be paid out in 2016 and 2019. Overall, he’ll average $1.075 million through the life of the contract.
Hudspeth will also recieve a $50,000 bonus for guiding the Ragin Cajuns to the eight-win mark.
Should Hudpseth depart for another job in 2014, he would owe Louisiana-Lafayette $1.25 million. That figure drops by $250,000 per year, down to $0 in 2019.
“A lot of work goes into it,” Farmer told the paper. “Obviously both sides are extremely interested in that aspect of any contract. And we’re interested in keeping Coach Hudspeth here as long as possible. At the same time, we’re very sensitive that we don’t want to hold him back should an incredible opportunity come forward. But our loyalties have got to be to our program, and keeping him here is what’s so important to us. So we worked very hard to present a contract that both sides were comfortable with.”
Hudspeth will easily be the Sun Belt’s highest-paid coach, outpacing new Arkansas State head coach Blake Anderson’s $700,000 salary.
Hudspeth is 27-12 in three seasons at Louisiana-Lafayette, pushing the Ragin’ Cajuns to identical 9-4 seasons with a New Orleans Bowl victory to cap each season. He is 93-33 in 10 overall seasons as a head coach.