When the Nebraska Cornhuskers named Matt Rhule as the full-time successor to the departed Scott Frost in November 2022, they also made the former Carolina Panthers head coach one of the highest-paid coaches in college football. Rhule’s salary, contract, and net worth are amongst the most interesting in the sport.
Matt Rhule’s Salary and Contract in 2023
Rhule was announced as the Cornhuskers’ head coach to great fanfare on Nov. 26, 2022. The former Panthers, Baylor, and Temple head coach signed an eight-year deal that keeps him in Lincoln through the 2030 college football campaign. His first-year salary — for 2023 — is $5.5 million.
“Coach Rhule has created a winning culture throughout his coaching career,” Nebraska athletic director Trev Alberts said of his new head coach in a media release announcing the hiring.
“He will provide great leadership for the young men in our football program. Matt is detail-oriented, his teams are disciplined and play a physical brand of football. Matt also has the personality and relationship-building skills to build a great staff and excel in recruiting.”
Although his tenure in the NFL with the Panthers was viewed dimly by media and fans alike, there’s no arguing Rhule’s impact at the college level. He has been transformative at two different programs — Temple and Baylor — with his 47-43 overall record not truly indicative of the success that he’s achieved.
MORE: PFN’s Free Mock Draft Simulator (With Trades)
Rhule led Temple to two double-digit win seasons in his four years with the Owls, landing an AAC Championship in 2016. He then led Baylor to two bowl games in three seasons and the 2019 Big 12 Championship Game.
The Bears’ 11-3 season, Rhule’s last with the program, earned him Big 12 Coach of the Year honors and, at the time, matched the most single-season wins in program history. The former Penn State linebacker also became the first coach in Power Five history to take a team from 11 losses to 11 wins in the space of just two seasons.
Rhule’s reputation for engineering college success should prove exciting for fans of a Nebraska program that has fallen short of expectations in recent years. The Cornhuskers have been unranked for the past three seasons, and last won six games in 2016. Rhule is certainly excited to be in Lincoln.
“It is a tremendous honor to be chosen to lead the Nebraska Football program,” Rhule said during the announcement of his hiring. “When you think of great, tradition-rich programs in college football, Nebraska is right at the top of the list.
“The fan base is second to none, and I consider it a privilege to have the opportunity to coach in Memorial Stadium on Tom Osborne Field. My family and I are so grateful to become a part of the Husker Family, and we can’t wait to get started.”
While it remains to be seen what the on-field product will look like for the Cornhuskers under Rhule’s reign, the details of his salary and contract certainly make for interesting reading. His initial salary of $5.5 million for the 2023 season is just the tip of the iceberg of a contract that can earn him $12.5 million in 2030.
Incremental increases aren’t uncommon in contracts for college football head coaches. However, a raise of $7 million over the course of a contract certainly is. The compensation in Rhule’s final year would make him the highest-paid coach in college football as of now. That amount also doesn’t include potential bi-annual retention bonuses that start in 2025.
What makes the structure of Rhule’s salary at Nebraska so interesting is how it impacts the hangover from his Panthers departure. Under the terms of his Carolina contract, the new Cornhuskers head coach is still owed approximately $34 million from the NFL team.
However, anything earned from his new employer in the first four years of his contract is meant to be deducted from that owed amount. By backloading his contract — there’s a leap of $1.5 million from the fourth to fifth year — Nebraska is essentially splitting Rhule’s salary with the Panthers.
It’s a shrewd financial move from the Cornhuskers that probably doesn’t sit well with Carolina’s front office.
Rhule’s Net Worth
As a result of his eight-year deal with Nebraska, Rhule’s net worth is $74 million through the life of his contract. But that doesn’t include the four $1 million retention bonuses payable in March of 2025, 2027, and 2029, with a final payment scheduled for Dec. 31, 2030.
MORE: 2023 Big Ten Weekly Football Schedule
It also doesn’t factor in the extensive bonus package that is woven into Rhule’s contract. If the Nebraska head coach can bring the program back to college football relevancy, he’ll be in for a substantial payday. Those potential bonuses are listed below.
- Winning the Big Ten Championship Game: $300,000
- Appearing in the Big Ten Championship Game: $200,000
- Winning the Big Ten West but not invited to the Big Ten Championship Game: $100,000
- Appearance in any non-New Year’s Six bowl game: $150,000
- Appearance in a New Year’s Six bowl game: $250,000
- Appearance in a College Football Playoff semifinal game: $300,000
- Appearance in the College Football National Championship Game: $350,000
- Winning the College Football National Championship: $650,000
There are some important “or” clarifications as it relates to the bonuses in Rhule’s contract. The Big Ten appearance bonus will be replaced by the winning bonus, not added to it should Rhule lead the Cornhuskers to a Big Ten title. Winning the College Football National Championship will net him $650,000, with that bonus replacing the appearance incentive, not adding to it.
