Georgia Tech men’s basketball coach Damon Stoudamire will make a salary of $2.1 million in his first season with the school, according to a memorandum of understanding obtained by The Atlanta Journal-Constitution.
Stoudamire, hired in March after two seasons as an assistant with the Boston Celtics, was given a contract of five years beginning March 14 and ending April 30, 2028. His pay will increase $100,000 each year beginning May 1.
The $2.1 million salary for the 2023-24 season is the lowest among ACC coaches, according to the USA Today coaching salary database, although figures for Duke coach John Scheyer, Boston College coach Earl Grant and Wake Forest coach Steve Forbes have not been made available.
Stoudamire reportedly received a salary of $564,123 during his 2018-19 season as coach at Pacific. He signed a contract extension with Pacific in July 2020 after leading the Tigers to a 23-10 record and being named West Coast Conference coach of the year. Stoudamire left the school less than a year later to join the Celtics.
Stoudamire is eligible for incentive compensation for the program’s Academic Progress Rate: $50,000 if the APR is greater or equal to 950, $75,000 if greater or equal to 960, $100,000 if greater or equal to 970 and $100,00 if a single-year APR falls in the national top 10.
If the Yellow Jackets finish in the top four of the regular-season ACC standings, Stoudamire will be given $100,000. He also could make an extra $100,000 should Tech finish as ACC regular-season champions and/or win the ACC tournament championship.
Stoudamire also could receive $50,000 if the Jackets make the NCAA Tournament, $50,000 for winning an NCAA Tournament First Four game, $75,000 for a first-round NCAA Tournament, $100,000 for a second-round win, $150,000 for a third-round win, $200,000 for a win in the quarterfinals, $250,000 for advancing to the national championship and $300,000 for winning a national title.
Should Stoudamire be named national coach of the year, he will receive $100,000. An ACC coach of the year honor gets Stoudamire a $50,000 bonus.
Stoudamire can earn an extra $250,000 if he remains the Tech coach through May 15, 2025, and another $250,000 if he’s still the coach through May 15, 2027. He received $80,000 for relocation costs, a country club membership and the use of a Georgia Tech Athletic Association vehicle.
Should Stoudamire opt to voluntarily terminate his contract before April 30 he will owe the GTAA $5 million, a figure which decreases by $1 million every year until April 30, 2028. If Tech terminates Stoudamire’s contract without cause it will owe the coach 100% of his contract in 2024 and 2025, 60% in 2026 and 50% in 2027 and ‘28.
Stoudamire took over for Josh Pastner, who was fired by Tech in March. Pastner was given a contract extension in September 2021, an extension through the 2025-26 season and was in line to make $2.7 million this season, $2.8 the next and $2.9 in 2025-26.
A former All-American at Arizona, Stoudamire was the No. 7 overall pick in the 1995 NBA draft. He signed contracts reported to total nearly $100 million during a 13-year professional career.
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