Kevin Keatts Tells Joe Giglio that He Has Exercised His 2-Year Contract Extension at NC State

NC State Head Men’s Basketball Coach Kevin Keatts was on with Joe Giglio of WRAL Sports Fan and 99.9 The Fan yesterday, and they talked about a variety of topics, but what caught my attention the most was the discussion over Keatts’ contract situation.

Giglio: Do you feel like this year you are coaching for your future, for your job? 

“I don’t. I really don’t. I feel like I’m coaching this year the way I’ve coached every year. I’m a very prideful person. When I took over this NC State program, we had taken over a program that had won 4 conference games the year before, and 5 the year before. We didn’t like that. The university didn’t like that. I obviously wanted to come in and be different. Other than last year, we’ve been different. I’m coaching not only for myself, but I’m also coaching for NC State University, and the guys and the families where I sat in front of them and recruited them to get a good education, but also to be able to play at the next level.”

Giglio: Part of your contract allows you to extend your current deal, I believe by two years, based on the loss of the scholarship and based on the limitation of the recruiting visits. Have you and your agent talked with Boo Corrigan at NC State about what you would like to do with your contract? (See Video Above)

Keatts: Yes. Last month we decided to exercise our 2-year NCAA extension. 

You might be wondering, what is this 2-year extension Keatts was able to opt into, and what is its relationship to the NCAA investigation on NC State’s Men’s Basketball that finally concluded in December?

Back in March of this year, Giglio wrote a piece over at WRAL, explaining some details of Keatts contract, that relate to the ruling of the NCAA.

Under the terms of Keatts’ contract, which were amended in July 2021, Keatts has the ability to extend his current deal by two years based on the NCAA ruling.

Keatts’ current contract runs through the 2025-26 season. As of Thursday, Keatts had not picked up the option to add the years to the deal.

In December, the NCAA, through its Independent Accountability Resolution process, gave NC State one-year probation, took away one scholarship for the 2022-23 season and placed recruiting restrictions on Keatts and his staff for the 2021-22 season.

According to the most recent contract, Keatts has the ability to elect to “be extended by NC State in an amount equal to the length of the penalties” imposed by the NCAA “up to a maximum extension of two years.”

The outlined penalties were if the NCAA “reduces the amount of scholarships that may be awarded by the team,” “restricts the team’s ability to recruit student athletes” or “precludes the Men’s Basketball Team from participation in post-season competition.”

Since the scholarship reduction and recruiting restrictions were in two different years, Keatts has the ability to extend the deal by two years. (WRAL)

So, yesterday, Keatts told Giglio that last month he exercised the 2-year extension that was brought about by the probation given to NC State by the NCAA in December.

That means that Keatts contract now runs through 2028, and not 2026.

Currently his salary is $2.7 million annually.

I’m not hoping this happens, but it’s worth noting. At any point, if NC State decides to fire Keatts, they have to buyout the remainder of his contract, to the tune of half of his annual salary, multiplied by the amount of remaining years on his contract.

So for instance (again, I’m not saying I want this to happen), if NC State were to decide to part ways with Keatts at the end of the upcoming season, the buyout due to him would be $6.75 million. Prior to the extension Keatts exercised, that buyout would have been $4.05 million.

There’s no denying that the NCAA Investigation has been a cloud over the Wolfpack Men’s Basketball program ever since Keatts arrived in Raleigh. There is also no denying that though the probation could have been worse, the punishment does infringe upon the coach’s ability to be as successful as possible. That’s why an addendum was added to Keatts contract last July.

Strictly from a financial standpoint, I completely understand why Keatts exercised the option. From a familial standpoint, Keatts’ son K.J. Keatts is a Freshman at NC State, as a walk-on member of the Men’s Basketball team. I also believe that Coach Keatts loves it at NC State, and believes he has a lot of unfinished business to take care of as the Wolfpack Men’s Basketball Coach.