After the surprising news at Washington with the sudden stepping down of Chris Petersen, the Huskies are going all-in on his successor. Jimmy Lake, who is taking on the role of head coach after serving as defensive coordinator, is watching the ink dry on a brand new five-year contract, as reported by Steve Berkowitz of USA Today (via Twitter).
Jimmy Lake getting 5-year contract, beginning with annual guaranteed compensation of $3 million, as Chris Petersen's successor as Washington's football head coach, per MOU from school.
— Steve Berkowitz (@ByBerkowitz) December 2, 2019
Some additional contract details for Lake, again via Berkowitz’s Twitter feed...
Lake scheduled to get annual increases of $100,000 over life of new deal. https://t.co/E8QRX44dqk
— Steve Berkowitz (@ByBerkowitz) December 2, 2019
Lake would owe $6 million buyout if he terminates deal without cause through Jan. 31, 2022. Amount then drops annually: $3M, $1.5M, $500K https://t.co/E8QRX44dqk
— Steve Berkowitz (@ByBerkowitz) December 2, 2019
Lake would get automatic 1-year extension if Washington AD Jennifer Cohen stops working in that role and Lake's deal has not previously been extended beyond initially expiry date of Jan. 31, 2025. https://t.co/E8QRX44dqk
— Steve Berkowitz (@ByBerkowitz) December 2, 2019
With $100,000 annual increases, this works out to 5 years, with guaranteed compensation of $16 million. https://t.co/E8QRX44dqk
— Steve Berkowitz (@ByBerkowitz) December 2, 2019
Petersen had been making $4.625 million for the 2019 season. According to a database of coaching salaries compiled by USA Today, the $3 million salary for Lake would rank him sixth in the Pac-12 in head coaching salaries, barring any potential contract changes to come. David Shaw of Stanford currently has the most lucrative contract in the Pac-12 at $4.613 million. Utah’s Kyle Whittingham is the second-highest-paid coach in the Pac-12 (although this season suggests that it could be about to be modified) with $4 million.
Mike Leach of Washington State, Chip Kelly of UCLA, and Clay Helton of USC are the only other coaches in the Pac-12 with a higher-paying contract than Luke at this point in time. For the sake of comparison, Colorado’s first-time head coach Mel Tucker is due $2.4 million this season.