On the weekend that Deonte Banks became the first Maryland Terrapins player to be selected on Day 1 of the NFL Draft since 2019, the program announced a contract extension for head coach Mike Locksley. Previously one of the lowest-paid head coaches in the Big Ten, what is Locksley’s salary, contract, and net worth under his new deal?
Mike Locksley’s Salary and Contract in 2023
Maryland announced a contract extension for their fifth-year head coach on April 28, 2023. The new terms aim to keep Locksley in College Park through the 2027 season, with an option to extend through 2028, depending upon results in the 2023 college football season.
As a result of his contract extension, Locksley will earn a $5.5 million salary for the 2023 campaign. A substantial increase, the Maryland head coach was set to pocket $4 million for his fifth season at the helm of the Terrapins before agreeing to terms on a deal.
The news gets even better for the former New Mexico head coach. Following his contract extension, Locksley’s salary will get an annual increase of $300,000, ensuring that over the term of his deal, he’ll earn an average of $6.1 million per year. Previously, the annual increment was only $100,000.
Furthermore, Locksley’s salary is now more than double the amount of his initial contract, signed ahead of the 2019 season. Arriving in College Park from Alabama, the Maryland coach was initially paid a $500,000 base salary with a supplemental income of $2 million.
Locksley’s salary comparison between his initial deal and most recent contract extension is a great way of quantifying the price of success.
Since taking over the reins of the Terrapins, Locksley has made Maryland a relevant force in the Big Ten and college football. In 2022, he helped deliver an eight-win season — the program’s best since 2010. Meanwhile, their four conference wins were the most since they joined the Big Ten in 2014.
Furthermore, Maryland’s win the Duke’s Mayo Bowl to close out the 2022 college football season gave the Terrapins consecutive bowl game wins for the first time since 2002 and 2003. His ability to bring relative success to the program was applauded by athletic director Damon Evans on announcing Locksley’s contract extension.
“Coach Locksley has done an amazing job revitalizing our football program,” said Evans. “We have won bowl games in each of the last two years, something that hadn’t been done at Maryland in nearly 20 years. Coach Locks continues to grow our program, both on and off the field, in developing impressive young men.
“As we continue to make significant strides with higher expectations, we are excited he will be leading our program into the future as ‘the best is ahead’ for Maryland football.”
If Maryland continues to see success under Locksley, he’ll have an additional year added to his current deal. A seven-win season will trigger a clause that will take his contract through the 2028 season.
While a schedule that features Ohio State, Michigan, and Penn State makes bettering their eight-win 2022 campaign a difficult task, Maryland has increased their win percentage each season since their head coach took over in 2019. Furthermore, Locksley himself has lofty long-term aspirations for the Terrapins football team.
“We are developing young men to be outstanding leaders both on and off the field, and our goal is to compete for championships in the very near future,” Locksley said. “I have more passion and energy for this job than the day I was hired, and I can’t wait to continue to build a team and brand of football that our fans, alumni, and entire university can be proud of.”
Locksley’s Net Worth
Under the terms of his contract extension, Locksley’s net worth is $30.5 million. With the incremental increases over the life of his five-year deal, the Maryland head coach will average $6.1 million per year. In the final year of his deal — not including the potential for the extra year — Locksley’s salary will be $6.7 million.
The Maryland head coach’s net worth doesn’t take into account any performance-related financial incentives that Locksley’s salary can be boosted by through the life of his contract. Details of any changes to his bonus structure haven’t been revealed, but under his previous contract, he was eligible for up to $1.525 million in bonuses for various accomplishments.