UPDATE: 8:17 p.m.
Here's the full release on the extension from IU Athletics:
FRED GLASS ANNOUNCES CONTRACT EXTENTION FOR MEN’S BASKETBALL COACH TOM CREAN
BLOOMINGTON, Ind. – Right before the tip-off of tonight’s men’s basketball game against Bryant, Indiana University Vice President and Director of Intercollegiate Athletics Fred Glass announced to the capacity crowd that he and Tom Crean had reached agreement on the terms of a new contract, including a two-year extension, that Glass said would keep Tom Crean as the head men’s basketball coach at Indiana at least through the year 2020. The announcement was received with thunderous applause from the sellout crowd.
“Tom Crean has done an absolutely phenomenal job bringing Indiana University back to its rightful place as one of the elite basketball programs in the country,” Glass said. “His energy, integrity, ability, passion, industry, vision, and commitment are unparalleled.”
“Since we arrived in April of 2008, we have been all in,” said Crean. “Even through all of the challenges our love and passion never wavered for Indiana basketball and all that the school and the state embodies. "We are extremely thankful to have the support of this administration led by President McRobbie and our Board of Trustees and the support of Fred Glass.
"We are honored to know we will be here for a very long time. Once you are a part of Indiana University, there is really no desire to work or live anywhere else. Go Hoosiers!"
The key terms of the new contract will include the two-year extension from six years to eight years (through June 20, 2020) and an increase in the average annual non-performance based compensation from approximately $2.52 million to approximately $3.16 million. All of the annual incremental income will be paid through deferred compensation. The new contract will also add a performance bonus for team academic performance as measured by APR, GSR, and GPA worth as much as $55,000 per year. The contract will also contain increased buyout and guaranty provisions.
Once the contract is formally signed, it will be released publicly.
Speaking to a packed Assembly Hall just moments before the start of the 2012-13 season, IU Director of Athletics Fred Glass announced that Indiana has extended coach Tom Crean's contract through 2020.
Crean's original memorandum of understanding, signed around the time he took the job in Bloomington, awarded him an eight-year deal. By the time a final contract had been signed, two years had been added, largely because of the dire straits Crean faced starting in his first year on the job.
The new set-up Glass announced Friday night will extend that 10-year deal by at least two years. This is the first time Crean's contract had been extended or amended since it was signed.
InsideIndiana.com will bring you more details as they become available.