- Elko’s rewards, while rich, are reportedly ‘non-cumulative’ each year
- He was hired after Texas A&M bought out Jimbo Fisher’s contract
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Texas A&M University and Mike Elko have signed a Memorandum of Understanding before he is officially approved as the Aggies’ next head coach, which would pay him $7 million per year for six years – a total of $42 million.
In a leaked document from 247sports’ Carter KarelsElko signed an agreement lasting through the end of January 2030 to take over the football program in College Station.
This contract also includes $11 million for assistant coaches, analysts and other staffers and a healthy incentive package that would see Elko pay $3.5 million for winning the national championship.
Elko is set to leave the football program at Duke University after just two years of head coaching experience and return to Texas A&M.
From 2018 to 2021, he served as defensive coordinator under Jimbo Fisher.
Mike Elko will be paid a total of $42 million if he takes over the Texas A&M football team
Karels’ report states that Elko’s incentives are ‘not cumulative’.
However, it is not entirely clear whether this concerns only post-season incentives or all stated incentives.
For example, if Texas A&M wins the SEC title game and makes the CFP, it is not clear whether the conference win will be counted as separate compensation or rolled over.
Elko’s incentives will be high if he finds a way to lead the Aggies to a spot in the College Football Playoff – with a starting fee of $1 million.
From there, his incentives gradually increase for each stage of the College Football Playoff he would reach.
That increases to $3.5 million if the Aggies can win the national title in one of Elko’s six years.
But there’s also an interesting provision: If Elko “fulfills any of the postseason incentives, an additional year will be added to the term of the agreement.”
The wording is also not clear as to whether this is cumulative. If cumulative, Elko could add another six years to his deal if he were to win both the SEC championship and a national championship.
All of these conditions must be approved at a meeting of the Texas A&M Board of Regens, scheduled for Thursday, Nov. 30.
Elko returns to College Station after serving as their defensive coordinator before coaching Duke
Elko will replace his former boss, Jimbo Fisher, who terminated his contract
High expectations are placed on a coach who has been in the college ranks for 24 years but has little experience leading teams.
Elko replaces his former boss, Fisher, after he was fired for poor performance during a ten-year contract.
Despite posting a 6-4 record, Fisher was bought out of his deal for $77.5 million – the largest buyout in college football history.
In his first season on a Duke team projected to finish near the bottom of the ACC, Elko went 9-4 and won the Military Bowl. Elko was named ACC Coach of the Year for his success.
This year, Elko’s Blue Devils went 7-5 and are now playing in a bowl game without their head coach.