Report: Steve Lutz's Contract Details Have Been Released

STILLWATER – Oklahoma State men’s basketball coach Steve Lutz has signed a five-year contract, according to a report from Scott Wright of The Oklahoman.

The deal is set at $13.5 million, with a base salary of $2.4 million in his first season in Stillwater. The contract has raises of $150,000 each of the five years, giving him a base pay of $3 million by the fifth year of the deal.

That’s up from a yearly salary of $650,000 at Western Kentucky.

According to Wright, the contract also states Oklahoma State will pay a $2 million buyout to Western Kentucky. The buyout portion of Lutz’s WKU contract, as well as the buyout of former head coach Mike Boynton’s contract, which was set at $9.1 million, is being eased by Boynton’s new contract at Michigan, where he signed on as an assistant coach earlier in April.

According to various other reports, Lutz’s new contract will also include four tickets to Cowboy football games, a suite in GIA, eight tickets for home basketball games, 12 postseason tickets and a membership out at Karsten Creek.

His contract includes performance-based incentives. which includes most of the postseason. For winning a Big 12 regular-season title, he would get $100,000. For winning a Big 12 tournament title, an appearance in the NCAA tournament, including each round of the tournament and the title game, he would received an additional $50,000 for each mark hit. And then there’s a $150,000 bonus for winning an NCAA championship

Here’s how the year contract breaks down:

• 2024-24: $2.4 million
• 2025-26: $2.55 million
• 2026-27: $2.7 million
• 2027-28: $2.85 million
• 2028-29: $3 million