College Coaching Salaries

At about 6:07 Eastern Time tomorrow, George Mason University will tip it off against the heavily favored University of Florida Men's Basketball team.  George Mason, of course, is the Cinderella story of the year, probably the decade.  If they win it all, they will challenge the 1980 Miracle on Ice, and Jimmy V's North Carolina State teams for the greatest Cinderella story of all time.  They won't top either of them, but darn it, they'll be close.  It's an amazing story, and the sort of reason that I watch and love sports.

So often we hear complaints about professional athlete salaries.  Millions to play a game!  I can't believe they would strike!  What cry babies!  NBA star, Latrell Spreewell, didn't help the cause when turning down a 3 year $21 million contract, proclaiming, "I've got my family to feed!"  Fortunately for Latrell, McDonalds still offers an extensive 99 cent menu.

It's true, most sports superstars appear to be overpaid, and think the world owes them something.  You begin to think, "why do I watch these babies.  I'm just contributing to these attitudes."  Then George Mason University comes along.  The kids who play for the Patriots were not recruited by big time programs.  Nor were they invited to the McDonald's All American game as high school seniors.  They're almost all local kids who love to play basketball.

And their coach?  Jim Larranaga is in his ninth year as the Patriot's head coach.  Make no mistake, college coaching has become big business.  The top coaches are now earning high six figure, or even seven figure salaries to rival the ranks of the NBA or NFL.  According to a 2003 Sports Illustrated article, the head football coach at the University of Southern California, Pete Carroll, made a reported $1.2 million.  After two more appearances in the national championship game, winning one and losing the other, I assure you he makes more than that now.  Nick Saban of Louisiana State University made a reported $1.5-2 million, including a car and housing allowance.  But it wasn't enough.  He fled the college ranks for the riches of the NFL.

No doubt, football is king in America, and college football coaches are frequently the highest paid individual on campus.  However, basketball is no slouch either.  In another, similar article by Sports Illustrated, also in 2003, Tubby Smith of the University of Kentucky was reported to make $2.42 million, and Roy Williams of North Carolina University makes over $1 million per year.

No doubt, these are all major sports programs.  The men running them have a daunting task.  They must recruit top talent, develop them into great players, keep them out of trouble, make sure they graduate and be a PR guy for the university.  So, what does it tell us when the little guy sneaks up on everyone, and beats three teams who have won recent National Championships?

Maybe you don't need the biggest name at the highest salary to do the job.  Of all the overpaid individuals in sports, maybe the college coach is the most overpaid.  Well, let me reprase that.  Of all the overpaid individuals in sports, maybe the men's basketball and football coaches are the most overpaid.

According to a 2001 article in the Cronicle of Higher Education, the average salary for head coaches of men's teams at BCS conferences (the six major conferences with ties to the College Football Bowl Championship Series, the big money games) was $116,254.  Remember, this number includes the tennis coach, Soccer, Diving, and Crew.  The average salary for head coaches of women's teams at those same schools was $62,124.  About half.

But are they worth it?  In a Washington Post article, George Washington University coach, Karl Hobbs tells us in his own back of the envelope calculation that Duke, under long time and highly successful coach, Mike Krzyzewski, made $12.4 million and spent $7.5 million.  That's a five million dollar profit.  I'm not sure if that includes his salary, but let's say he makes $2 million.  The school still makes a profit of $3 million.  Do you think your favorite Art History professor netted the University $3 millon?

But where did that get Duke in this year's Tournament?  Well, they lost to LSU in the third round, known as the Sweet sixteen.  How about Jim Larranaga?  Well, despite claims that "you can find anything on the internet," I could not find his salary, or the profitability of his program.  Suffice it to say, while Tubby Smith, Roy Williams and Mike Krzyzewski watch from home (assuredly on thier state of the art, thousand inch plasma TV), underpaid Jim Larranaga's under-recruited, over-achieving players will be playing on College Basketball's biggest stage, the Final Four.

I'll be rooting for you, Jim.

Comments

[Michael Lucas]

Why are you hating on Coach K, one of college basketball's greatest coachest ever, so what they got beat in the sweet 16 this year, they choked, like other teams didnt. Uconn almost lost all of thier games, Tennessee shouldnt of even showed up. I'm not putting down GMason or thier program at all. They've had an awsome run. They will have 3 of thier kids in the NBA within 2 years. This is good for thier program and hopefully will help them approach the mediocracy level of the mid-majors. I dont see you defend Bradley, Wichita St., or Wis-ML that all made a run this year or last. Like it or not, Duke has been to around 15 stragiht sweet 16's and play in one of college backetball's most difficult region, the ACC. It deserves every penny he makes. Until Larranaga can beat teams like Hofstra, ODU (whoever they are), and Creighto on a regular basic and decorate his gym with banner after banner,like those on the Coach K court in Durham, he doesnt even deserve to be on the level below Coach K.

[financial freedumb]

Off topic but hey, ur blog changed...looks good. I'm cheering for George Mason too...I tend to cheer for underdogs although I do wish Duke was in it too...I'd like to see them win. Gonzaga as well...I don't know why...Maybe it's because they've been getting so close for so long...it's just about time.

[lamoneyguy]

Easy there Michael. I wasn't "hating" on Coach K. I agree that he is one of college basketball's greatest ever. I think it would have been a shame to see him leave for the Lakers last year. And this is from a Laker fan! He's great for the game, and I guess I didn't make my point clear enough earlier that he's worth what he gets paid (a $5 million department surplus). My point was that sometimes the little guy wins, and as much as we may respect the big name, big dollar coach, it's fun to see a guy like Jim do so well. Every interview that I have seen with him, he appears humble and to be having the time of his life (why shouldn't he?).

[Sean]

The comment about the art history professor made me laugh, as it identifies the writer as a numbnut philistine who has bought into the American ethos that everything boils down to money. The professor has a legitimate role at the university, imparting knowledge and expanding the fertile young minds of future MBAs.

[Jeff H.]

"The comment about the art history professor made me laugh, as it identifies the writer as a numbnut philistine who has bought into the American ethos that everything boils down to money."

The assessment that "everything boils down to money" is not too farfetched at all, Sean. Money may not be the bottom line with everything, but it is with most things. Think about it.

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