Now we know at least part of the reason why Matt Rhule jumped ship for the Carolina Panthers.
After various flirtations with NFL teams over the past couple of years, Matt Rhule apparently pulled a trigger on a move away from Baylor, with various media outlets confirming Tuesday morning that he’s set to be named as the next head coach of the Carolina Panthers. While the organization has yet to confirm the move, contract details are beginning to emerge.
And they are quite stunning.
According to ESPN‘s Adam Schefter, Rhule will be signing a seven-year contract from the Panthers. The length is stunning enough; per Schefter, Rhule’s compensation is set for $60 million over the length of the deal. With unspecified incentives, the value could approach $70 million.
Panthers are giving former Baylor HC Matt Rhule a seven-year – seven year – deal worth $60 million that with incentives could be worth up to $70 million, per league sources.
— Adam Schefter (@AdamSchefter) January 7, 2020
The two highest-paid head coaches in the NFL in 2019 were reportedly New England’s Bill Belichick ($12 million) and Seattle’s Pete Carroll ($11 million). Oakland’s Jon Gruden ($10 million), New Orleans’ Sean Payton ($9.75 million) and Baltimore’s Jim Harbaugh ($9 million) were next. Rhule’s reported deal would average roughly $8.57 million annually, which is more than Los Angeles Rams’ Sean McVay ($8.5 million) and Atlanta’s Dan Quinn, Kansas City’s Andy Reid and Pittsburgh’s Mike Tomlin, all at $8 million, made in 2019.
According to the USA Today coaches salary database, Rhule made $4.11 million in guaranteed compensation in 2019 at Baylor. That means, at the low end, he would more than double his salary by jumping to the NFL.
In September of last year, Baylor announced a contract extension that would (chuckle) keep Rhule at the school through the 2027 season. A raise was included in that extension, although it’s unclear what his guaranteed compensation would’ve been moving forward.
Also unclear is what buyout was contained in the revamped deal.