USF gives Heath raise, new deal through 2015
Fresh off a 20-win season, USF has announced a new contract extension for men's basketball coach Stan Heath, who picks up a solid raise and is now the Bulls' coach through 2015.
Heath, who led USF to its first postseason appearance in eight years in the NIT in March, had two years remaining on the contract he signed when he came to Tampa in 2007. This new contract, combined with the Muma Center practice facility being built just south of the Sun Dome, represents a substantial financial commitment to basketball as the Bulls try to move up in the Big East standings.
"My family and I are honored and appreciative of USF's commitment to our basketball program," Heath said in a statement. "My staff and I look forward to the work ahead in building a championship program. It's an exciting time to be a USF Bull."
Heath, 41-54 in three years at USF, was making $675,000 a year under the original contract, but his new deal averages $900,000 a year, a raise of 33 percent. The contract was signed by Heath, athletic director Doug Woolard and USF President Judy Genshaft on Wednesday, the final day of USF's fiscal year.
"I am very pleased to extend Stan's contract," Woolard said in a statement. "In just three years, he has been able to position our men's basketball program as a viable competitor within the Big East Conference and\ nationally. Winning games in the best conference in America is no small feat, and to have us in the postseason in that period of time is one heck of an achievement.”
The pool for his assistants also increases from $375,000 to $435,000, a 16 percent bump.
The new contract slightly lessens the penalty Heath would pay if he left USF in the final years of the deal. Under the previous contract, Heath had to pay $27,083 for each month left on the deal when he terminated the contract -- that figure is the same until March 2013. In the final two years of the contract, his cost to leave the Bulls would drop to $20,833 per remaining month in the fourth year and $12,500 per remaining month in the final year. It would still cost Heath $500,000 to leave with two years left on his contract.