Michigan head coach Dusty May is widely seen as one of the top candidates to replace Mike Woodson as the next leader of IU basketball following the 2024-25 season.
And it now seems clear Michigan sees the threat, and wants to try to make a move to ward off Indiana and others.
The On3 Michigan site is reporting via multiple sources the Wolverines are ‘working on’ keeping May happy in Ann Arbor.
May’s current deal is 5-years and runs through April 2029. According to multiple reports, his average base salary over the life of the deal is $3.75 million. May can earn performance bonuses as well. He ranked 12th in the Big Ten in salary coming into the season.
Unless Michigan can offer May a greater salary than Indiana is willing to pay, and that seems unlikely, there is probably only one term in any new contract that would be relevant to Indiana.
Coaching contracts typically have two forms of buyouts — the one the coach has to pay if he leaves before the end of the contract term, and the one the school has to pay if they terminate the coach before the end of the contract term. The latter buyout is typically far greater than the former.
In May’s case, his current buyout if he were to leave Michigan early would be $5 million according to multiple reports. That tab is typically picked up by the school that would hire him, making it a highly relevant figure for Indiana if they were to aggressively pursue May.
May was given a 10-year contract extension with a hefty raise one week after leading Florida Atlantic to the Final Four in 2023. Obviously that deal did not inhibit Michigan, Louisville and others from pursuing May a year later.
Once again, May could negotiate a longer contract and pay raise with the Wolverines, but choose not to stay in Ann Arbor. It seems he would have to agree to a significantly higher buyout due upon his departure to truly keep IU off his trail.
Large buyouts due to the school if a coach leaves are not unprecedented. Alabama’s Nate Oats reportedly agreed to an $18 million such buyout. Several other high profile coaches are thought to have eight-figure buyouts.
If May agrees to a large buyout as part of a new deal with Michigan, it would be a clear signal he does not intend to make a move during the offseason, as he’d effectively be putting any new school on the hook for a much more significant obligation than necessary.
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