Jonathan Smith was one of the top candidates to move jobs after the 2023 season when the Oregon State Beavers became one of the biggest casualties of college football conference realignment. That assumption came true when Smith left his alma mater to sign a contract with Michigan State.
So, how much will the new Michigan State head coach make with the Spartans? Here are Smith’s salary, contract, and net worth in 2024.
Jonathan Smith Salary and Contract in 2024
Once Oregon State was one of the two Pac-12 teams left out of conference realignment, other schools began to target the sixth-year head coach. Ultimately, he was one of the first dominoes to fall, signing a seven-year deal with the Spartans in November. According to MLive, that contract will pay him nearly $53 million across seven years, with 85% guaranteed.
That equates to an average annual base salary of $6 million, with $1.25 million in additional salary tied to marketing appearances, endorsement deals, and university-sponsored appearances. That supplemental income will reportedly grow by $100,000 a year throughout the life of the contract.
Smith has standard escalator clauses and bonuses tied to performance, including $25,000 for winning Big Ten Coach of the Year and bonuses ranging from $150,000 for making the College Football Playoff to $400,000 for winning a National Championship. He also earns a $200,000 bonus for winning the Big Ten Championship Game.
Interestingly, Smith’s contract will automatically be extended for a year every time the Spartans win seven or more games.
Having previously signed a six-year, $30.6 million extension with the Beavers in December 2022, his new contract with Michigan State gives Smith a significant salary increase for the 2024 college football campaign and beyond.
Smith’s Net Worth
Smith’s salary rise for 2024 is not only an increase on his contract with Oregon State but also has a dramatic impact on his net worth.
As recently as 2021, he was the lowest-paid Power Five coach. He received a $22.6 million extension after the 2021 season, but that only put him 11th out of 12 coaches in the Pac-12.
MORE: Highest Paid College Football Head Coaches
Various outlets have reported that Smith’s net worth is in the $5 million range, which will only go up as he earns significantly more at Michigan State. The Spartans also agreed to pay his $3 million buyout from Oregon State and sent some money in advance to cover Smith’s relocation expenses.
If he continues to perform, it’s possible Smith could become one of the highest-paid head coaches in college football.
Miss any action from the top college QB Rankings during the 2023 football season? Want to track all the movement with the college football’s transfer portal? College Football Network has you covered with that and more!