New Mexico men’s head basketball coach Craig Neal accepted a new six-year contract worth $5.7 million plus incentives, UNM announced Monday morning.
The agreement makes Neal the highest-paid coach in the Mountain West Conference after only one year as a head man. The new contract will keep Neal with the program until 2020 and will pay him $950,000 this season, which is $200,000 more than he earned last year.
Even prior to his new deal, Neal ranked in the top 50 of Division I men’s basketball coaching salaries, according to last year’s data published by USA Today.
“It’s flattering and humbling. We have a lot of great coaches in our conference so we just strive for excellence in everything we do,” he said. “I have to continue to work hard and continue to keep our program at a high level. I really don’t get into those numbers because I don’t have all the other contracts.”
The deal also comes with a mirrored buyout clause for $1 million, which comes into effect if UNM terminates Neal before his contract is up or if Neal leaves prior to his contract ending.
Neal said he had several other college teams call and ask him about becoming their new head coach, but none of those conversations became anything serious. He said this new deal has been in the works for a few months.
In his first season as head coach, Neal led UNM to a 27-7 record and an appearance to the 2014 NCAA Tournament, but was upset by Stanford 58-53 in the second round. The Lobos also won the Mountain West Basketball Championships for the third consecutive time, becoming the first team in conference history to achieve the feat.
Neal’s 27 wins set a school record for most wins as a rookie head coach and were the 12th most by a first-year coach in NCAA Division I history.
“Leadership and continuity are crucial aspects of leading a program,” said Paul Krebs, vice president for Athletics, in a statement. “In his short time as head coach, Craig has done an exemplary job of coaching his team, mentoring his student-athletes and leading a top-25 program. His commitment to the success of the program on and off the court was made evident in his first season as head coach.”
In the classroom, the Lobos were just as successful. The program earned its highest grade point average in eight seasons with a 2.94, and UNM had six academic all-conference selections last year, a league high.
“We are committed to building a basketball program that is competitive nationally and emphasizes the integrity and values that define UNM athletics,” President Bob Frank said in the statement. “Coach Neal has demonstrated that he not only meets but exceeds that expectation. We want to ensure that he is here to build a long-term championship dynasty.”
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San Diego State head coach Steve Fisher now holds the second-highest salary in the Mountain West with a base salary of $926,000, Sports Illustrated reported. Fisher is in the last year of his contract.
The third-highest paid coach in the MW is Colorado State’s Larry Eustachy, who will make $910,000 this season, according to the Reporter-Herald. His salary increases by 2 percent every year.
Thomas Romero-Salas is the sports editor of the Daily Lobo. He can be reached at sports@dailylobo.com or on Twitter @ThomasRomeroS.
