On Monday morning, Oregon State announced that the school and head football coach would mutually part ways. In doing so, Andersen agreed to waive the remaining compensation in his contract, which adds up to $12,630,555.
$12,630,555: What Oregon State head coach Gary Andersen was guaranteed thru 2021.— Darren Rovell (@darrenrovell) October 9, 2017
He agreed to give that $ up to leave the school today. pic.twitter.com/e0QHXowd5S
Andersen first signed a six year contract with Oregon State in December of 2014 with a base salary of $2.45 million per year, with his salary set to increase by $100,000 each year he remained at the school.
Andersen was extended through the end of the 2021 season in December of 2016 following a 4-8 season that included win over Oregon in the Civil War.
That victory over Oregon earned Anderson a $50,000 bonus. Each additional win against the Ducks would have earned Andersen another $50,000 bonus.
Additional incentives built into Andersen’s contract included $100,000 for appearing in the CFP semifinal, $50,000 for appearing in the PAC-12 championship game, $100,000 for winning the PAC-12 championship, $100,000 for 8 wins, $150,000 for 9 wins, or $200,000 for 10 wins, and 5% of season ticket sales over 23,000. On the academic side, Anderson would earn an additional $35,000 for every year the team academic progress rate was in the top 6 of the PAC-12 or $50,000 the team APR was in the top 2 of the league.
Andersen also would have made $25,000 had he won PAC-12 coach of year and $50,000 for winning national coach of year.
Other perks built into Andersen’s contract included a $20,000 annual car allowance and an annual membership at Corvallis Country Club, which can cost roughly between $3,000 and $4,000 per year for one person.
In a statement released by OSU, Andersen left with these parting words:
“Coaching is not about the mighty dollar. It is about teaching and putting young men in a position to succeed on and off the field. Success comes when all parties involved are moving in the same direction.”