Central Michigan turned to Jim McElwain to turn their program around five years ago, a decision that has paid off significantly. The Chippewas rewarded him with a contract extension before the 2022 season, having worked to turn the Mount Pleasant program into a contender in the MAC.
As an experienced head coach, McElwain is among the conference’s highest earners, but what is his salary, contract, and net worth in 2024?
Jim McElwain’s Contract and Salary in 2024
In 2022, McElwain signed a five-year contract that will see him paid $1,029,120 in 2024. The Central Michigan head coach originally inked a deal with the program in 2017, and the new contract is an extension to keep him with the Chippewas.
The Detroit News reported that the contract was signed before the 2022 season. However, the program didn’t announce it until 2023.
The contract will increase incrementally over the next two seasons, with the Central Michigan head coach expected to earn $1,054,120 in 2025 and $1,079,120 in 2026.
McElwain’s original deal was due to be worth $740,000 in the final year of his contract, but under the terms of his contract extension, that figure jumped to $1,005,120 in 2023.
However, that doesn’t display the full story. McElwain was still receiving a package worth $7.5 million over three years from the Florida Gators after he was fired in October 2017.
McElwain originally signed with the Chippewas before the 2019 season following a gap year from head coaching. He had previously drawn big contracts with Colorado State and the Gators, where he won two SEC Eastern Division titles.
The Chippewas coach is an established veteran who started as a coach with Eastern Washington in 1985.
Central Michigan is a program revitalized under his leadership, taking a program that finished 1-11 in 2018 and turning it into a team that finished 8-4 in his first year in Mount Pleasant. The Chippewas are 29-28 in his first five years in charge.
McElwain’s Net Worth
USA Today holds data on McElwain’s salary since 2009, encompassing time as an assistant at Alabama and Michigan, as well as head coaching roles at Colorado State, Florida, and Central Michigan. During those stints, he earned a massive $22.7 million total salary.
Additionally, McElwain’s future contract and previous buyouts need to be taken into account. Add salaries to McElwain’s $7.5 million buyout from Florida and his future contract, and he will have earned $33.3 million between 2009 and 2027.
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This is the minimum number and does not take into account McElwain’s jobs before 2009 at Fresno State, Oakland Raiders, Michigan State, Louisville, Montana State, and Eastern Michigan.
It also doesn’t include undisclosed bonuses, perks, or incentives.
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