Boise State wants to pay Petersen $2 million a year
Boise State has requested preliminary approval from the State Board of Education for a new contract for football coach Chris Petersen — increasing his salary to at least $2 million per year.
The entire contract won’t go to the State Board until February, but the school wants the board to approve the $375,000 raise for this year at a special meeting Wednesday.
Petersen surfaced as a possible candidate for several high-profile jobs in November and December and CBS Sports reported Tuesday morning that Penn State had not given up on hiring him.
Boise State tried to address Petersen’s contract in executive session last Friday but the board decided it couldn’t take any action without a public meeting. That meeting was announced late Tuesday afternoon.
Petersen’s new contract will be for five years with a $2 million compensation package, plus incentives in the first year. Right now, he is scheduled to make $1.625 million in 2012 under terms of a rolling five-year contract that was announced at the 2010 Fiesta Bowl and upgraded slightly in February and October 2011. That deal calls for a $100,000 raise each year and a one-year extension each time the Broncos win eight games.
The rest of the details for the new contract will be revealed in advance of the State Board meeting scheduled for Feb. 15-16. Petersen’s pay will come entirely from program revenue, meaning no state-appropriated dollars will be used.
The information provided to the State Board by Boise State states that the university negotiated the new contract “following this last season.”
The Broncos concluded the season by beating Arizona State on Dec. 22 in the MAACO Bowl Las Vegas.
Petersen is 73-6 in six seasons as the Broncos’ head coach. He has won four conference titles, two Fiesta Bowls and three national coach of the year awards. The Broncos last month became the first program in Football Bowl Subdivision history to win 50 games in four years.