Juwan Howard’s New Contract – Deep Dive into Michigan Head Coach’s Salary, Additional Benefits and Net Worth

Published 01/08/2024, 10:55 PM EST

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USA Today via Reuters

Juwan Howard is trying his best. Credit should be given to him for trying every trick in the book to help his team Michigan Wolverines make a comeback this season. Currently, the team has an abysmal 6-9 record and are ranked 10th in the Big Ten. They have committed so many blunders this season that fans have already forgotten Howard was once the 2021 AP Coach of the Year.

It was a time when in November 2021 his contract was also extended for five years and he also had a humongous raise in his pay. Amid all the confusion that has baffled Howard, here’s a reminiscence of his good times. His salary puts him as one of the major earning coaches.

How much does Juwan Howard earn?

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2021 year was one of the best seasons for Howard. He won the major coach of the year awards and also received a significant pay increase in his contract with the Michigan Wolverines. He signed a deal with the Wolverines for the next five that would end in the 2025-26 season. As per MLive his contract was shared with them and they disclosed that the Chicago-born would have made $2.2 million in 2021 according to the original five-year contract he had inked with the university in 2019.

USA Today via Reuters

Instead, with the increase and change in his pay, Howard received $3.25 million for the NCAA 2021-22 season. The management had decided to increase his salary by 2% each year for the next four years. The contract would need renewal after June 30, 2026. Whether Howard will renew the deal or choose to part ways is a story for another day.

As per MLive, his base salary is $400,000 which is the same as that of the initial deal. But the former Miami Heat star would receive a lot of benefits from “University-related television, radio, internet, shoe and/or apparel sponsorships, consulting, promotional and other services.” He had earned $2,850,000 in the first year of the new contract, and after that, the Wolverines head coach made $2,915,000 during the second year. While during the 2023-24 season, Howard will be able to mint $2,981,300. The total salary for the five years including the base pay is $16,913,131.

As per USA Today, Howard would also have a retention payment of $250,000 when he chose to stick to the program as head coach on June 30, 2022. Similarly, he received another retention payment of $300,000 since he decided to stay as the head coach on June 30, 2023.

Additional Benefits and Net Worth

Howard is one of the highest-earning coaches. During the 2022-23 season, Howard occupied the 19th spot in the Top 25 earning coaches. As per Clutch Points, Howard had a net worth of $80 Million in 2022. He has previously plied his trade as an NBA player and then as a coach and that has helped him build a lot of wealth. He must be admired for his prolific career and how he has navigated his contract.

Furthermore, the University had put in $250,000 for Howard’s retirement plan which increased over time to bring the five-year total to $1.8 million. Other than that he also has a thick incentive system in his contract. He would get an additional $50,000 if the Wolverines win the Big Ten title. He would also get $50,000 if he qualifies for the NCAA Tournament. Whereas the coveted NCAA championship would get him $200,000.

USA Today via Reuters

Another interesting part of the contract is that if Howard is fired from the program, the University would have given him $5 million for the 2021-22 NCAA season. Post that this amount has decreased by $1 million and continues to do so for till the 2025-26 season, the last year for which this contract would be active. Similarly, if Howard had left the program he would have to give them a sum of  $2.5 million which has decreased over time by $500,000 for the next four years till his last season of the contract.

As per Forbes, when the contract was signed in November 2021, Howard had expressed his happiness “I’m honored to be regarded in such a way that the University wished to continue a lasting relationship with me.” He also enumerated how it was such an unexpected thing for him and thanked the University of Michigan for their acknowledgment step towards Howard. “It was a surprise when Warde approached me, and it didn’t take long for us to get on the same page. I’m grateful to him, our great University and my talented young men who sacrifice every day. The love I have for the University of Michigan is beyond words.”

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The Director of Athletics for the Michigan Wolverines Warde Manuel had also shared his mind regarding the brilliant head coach “I couldn’t be happier for our student-athletes and fans to know that Juwan will continue to lead Michigan into the future.”

He had applauded Howard for being dedicated to the university and accomplishing all that he had done with the University “His great character is second to none, and he is a wonderful teammate — demonstrated through his commitment to proactive communication and collaboration across the department. Juwan’s love for this university is evident in all that he does, as is the joy he takes in the accomplishments of his student-athletes.”

As for the current year, things are not going so well for the Wolverines. They lost their most recent game against the Penn State and are searching for a win from the last four games. There has been a lot of confusion regarding Howard’s stature as a head coach. Firstly he couldn’t resume his duties due to a heart procedure in September. It was then that the associate head coach Phil Martelli had served as the head coach.

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He once again became the interim head coach during their game against the Penn State since it was helped in Philadelphia which is home to Martelli, so Howard took a tactic route. Unfortunately, it did not yield the desired result. Hopefully, Howard will make a comeback soon and show his previous brilliance.

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Written by:

Ritvan Pande

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Edited by:

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