Penn State on Wednesday afternoon officially named Pennsylvania native Mike Rhoades the next men's head basketball coach. The Mahanoy City native comes to Happy Valley after six seasons with the VCU Rams where he led the A-10 program to three NCAA Tournament appearances.

The 15th men's basketball coach in program history is set to be introduced to the media on Thursday at 2:30 p.m. but the Penn State administration released the terms sheet for Rhaodes' contract on Wednesday night.

Here's what you need to know about Rhoades' contract.

YOU CAN VIEW MIKE RHOADES'S CONTRACT HERE.

Rhoades received a seven-year contract that runs through the 2029-2023 school year. He will receive a base salary of $500,000 each year and will receive supplemental pay which starts at $2,900,000.

Each year, Rhoades' supplemental pay will increase by $100,000 leading up to a $3,500,000 supplemental salary in 2029-2023.

In total, his base and supplemental pay could equate up to $25.9 million over the seven years not counting his bonuses which could e up to $1,075,000 million a season.

YEAR: BASE/SUPPLEMENTAL/TOTAL

2023-24 $500,000 | $2,900,000 | $3,400,000
2024-25: $500,000 | $3,000,000 | $3,500,000
2025-26: $500,000 | $3,100,000 | $3,600,000
2026-27: $500,000 | $3,200,000 | $3,700,000
2027-28: $500,000 | $3,300,000 | $3,800,000
2028-29: $500,000 | $3,400,000 | $3,900,000
2029-30: $500,000 | $3,500,000 | $4,000,000

Rhoades' buyout will start at $15,000,000 and decrease by $3,000,000 each of the next four years before decreasing by $3,000,000 to $1,500,000 following the 2027-28 season.

YEAR | AMOUNT

2023-24: $15,000,000
2024-25: $12,000,000
2025-26: $9,000,000
2026-27: $6,000,000
2027-28: $3,000,000
2028-29: $1,500,000
2029-30: $0

B1G Coach of the Year: $50,000
National Coach of the Year: $100,000
B1G Regular Season Championship: $150,000
Top 5 B1G Finish: $50,000
10 or more B1G regular season wins: $25,000
B1G Tournament Championship: $50,000
Win 20 or more games in a season: $25,000
Postseason NIT appearance: $15,000
Each Postseason NIT win: $10,000
NCAA Tournament Appearance: $100,000
Each NCAA Tournament win: $75,000

- Two dealer car stipend

- 25 personal hours of use on private aircraft

- Ticket allowance

- Relocation allowance

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