Indiana Hoosiers head coach Tom Allen is entering his seventh season as head coach with the football program. While the team has seen their ups and downs, he has made Indiana competitive in the Big Ten, including a second-place finish in the East Division in 2020, earning Allen a Big Ten Coach of the Year award.
With success comes raises and new contracts, so let’s take a closer look at his current salary, contract, net worth, and other details.
Tom Allen’s Salary and Contract in 2023
After taking over as interim head coach for their bowl game back in 2016, Indiana announced that Allen would be their new head coach on a full-time basis. His first contract included an annual salary of $1.7 million per year.
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He found quick success in his first three seasons as head coach for the Hoosiers, which led to a new contract to be delivered to him. Back in 2019, Allen agreed to a new seven-year, $27.3 million contract that would run through the 2026 season.
His annual salary increased to $3.9 million per year as the head coach of Indiana.
The team went 6-2 in the Covid-shortened season in 2020, leading to Allen winning coach of the year for the Big Ten. That success once again landed him another nice raise and a new contract.
In March of 2021, Allen and Indiana came to terms with a seven-year contract that would be worth $4.9 million each season. The agreement runs through the 2027 season.
Currently, he is going to be paid $4.9 million for the 2023 season, but what about a potential buyout? According to the Indy Star, if he left the school between December 1, 2022, through November 30, 2023, he would owe the school $4 million.
Each season after that, it decreases with the next year being $3 million, 2025 being $1 million, and 2026 being $500,000.
On the flip side, if Indiana fired Allen before December 1, 2024, the school would owe him 100 percent of his remaining contract. After that date, it drops to 50 percent of the remaining salary on Allen’s contract with the school.
Allen’s Net Worth
Something that is not noted is the incentives that came with Allen’s contract, which would make it hard to find the exact number of what his net worth is. With his salary just under $5 million a year, that would be a safe starting point to say it would be a minimum of.
Without knowing all the details of his contract, it’s all just speculation, but credit to Allen for building up what has been a solid football program since 2017.