After replacing big-money Jimbo Fisher with former Duke head coach Mike Elko, salary and other contract terms have been a source of fascination for fans and college football media alike.
The terms for the new Texas A&M Aggies head coach are interesting, and reveal the true price of bringing success to College Station.
Mike Elko’s Salary and Contract in 2024
While still paying their former head coach the national debt of a small country, Texas A&M found enough money to pay Elko a decent salary as part of a contract that ties him to College Station through the 2029 college football season.
The new Aggies head coach will earn $7 million yearly with the program through the six-year commitment to the former Duke head coach.
While that might seem like a drop in the ocean compared to the previous payout for the Texas A&M head coach role, it is actually a considerable pay rise for Elko himself. Although Duke is a private university with no legal obligation to provide details of their financial arrangements with staff, it was understood that his most recent salary and contract boost put the highly-rated head coach around the $3.5 million per year mark.
It’s also substantially more than his salary last time Elko was employed by the university. He returns to Texas A&M almost six years after he last arrived in College Station. The former Penn Safety was hired as the defensive coordinator for the Aggies under Fisher, signing a three-year deal at the time.
“Coach Mike Elko is one of the best leaders and coaches in college football and has had high-level success at each stop of his career,” Bjork said, announcing Elko as the new head coach of the program. “He is known amongst coaching circles as one of the best defensive minds in the country and has shown his ability to lead and turn around a program as a Power 5 head coach.”
“Coach Elko has a vision for Aggie football, and a specific plan for innovation and greatness which is exactly what our program needs right now to compete in the modern era of college athletics,” he added.
“We are fortunate to attract a head coach of his character, coaching acumen, recruiting experience in the SEC, winning formula, ability to develop players to their full potential and a love and familiarity with Aggieland and our University, which makes him a perfect match,” he concluded. “We are excited to welcome Coach Elko and his family back to Aggieland and we cannot wait to get started.”
In addition to his base salary of $7 million per year, Elko will also command an $11 million salary pool for assistant coaches, analysts, operations, recruiting, and strength and conditioning staff.
After handing out a fully guaranteed contract to his predecessor, Texas A&M has been slightly more sensible with Elko’s salary and contract. If they fire their new head coach in the first year, they are on the hook for $6.5 million. However, this decreases over the term of the contract. Elko will receive 75% of his base salary if fired inside the first three years, and 80% of his base salary if fired in the final three.
Mike Elko’s Net Worth
With a six-year deal at a base salary of $7 million, Elko’s net worth as the head coach of Texas A&M is $42 million. However, that doesn’t include any earnings accrued while the head coach at Duke. Nor does it include any enhancements to his salary for things such as vehicle allowance, details of which were not made available in the initial Memorandum of Understanding.
It also doesn’t include perhaps the most fascinating element of Elko’s contract; the post-season incentives and other incentive compensation. The new Texas A&M head coach has a range of bonuses that are — to the best of our knowledge and experience — at the forefront of what any other coach in college football can command.
The full list of incentives available is below.
- Make the College Football Playoff: $1,000,000
- Advance to the Quarter Final of the CFB Playoff: $1,500,000
- Advance to the Semi Final of the CFB Playoff: $2,000,000
- Play in the CFB National Championship Game: $2,500,000
- Win the CFB National Championship: $3,000,000
- SEC Championship Game appearance: $100,000
- National Coach of the Year: $100,000
- SEC Coach of the Year: $50,000
- Maintain a multi-year APR of 960 or above: $50,000
Miss any action from the top college QB Rankings during the 2023 football season? Want to track all the movement with the college football transfer portal? College Football Network has you covered with that and more!