The contract is now in place so that Les Miles can hold all of LSU's football coaching records.
The LSU Board of Supervisors approved changes to Miles' current contract at their meeting Friday afternoon. Miles is now under contract through the 2019 season for $4.3 million per year.
Charles McClendon holds Tigers coaching records for victories (137), bowl appearances (13) and bowl victories (7). Miles is currently second to McClendon in all three categories - 85 victories, eight bowl appearances and five bowl victories.
Miles has the highest winning percentage of LSU coaches at .802. If Miles continues at that pace, he will surpass McClendon as the Tigers' leader in victories either late in the 2016 season or early in the 2017 campaign.
"Les Miles is one of the most successful coaches in America," LSU Director of Athletics Joe Alleva said. "He has the LSU program in position to compete for championships each and every year in the most dominant football conference in the country. The program is staying on track. The future looks bright."
Under the previous contract, Miles was making $3.751 million per year. So, there is an increase of $549,000 per year. There is no change in Miles' base salary, which remains at $300,000 per year. The added money comes in the area of supplemental media compensation.
Miles can now receive additional revenue by fulfilling a certain number of years of the contract. Miles will be paid $750,000 if he is still the LSU coach after the 2017 season. He will be given an additional $300,000 if he is the Tigers coach after the 2019 season.
By having his team meet certain postseason standards, Miles can make an additional $500,000 per year -- $100,000 for appearing in the Southeastern Conference title game, $100,000 for winning the SEC crown, $100,000 for a bowl or $200,000 for a BCS bowl and $100,000 for winning the national title.
In addition, Miles will be paid an additional $200,000 per year if his players meet one of three academic standards - an APR of at least 960, a graduation rate higher than 75 percent and a team GPA of at least 2.8.
Under the terms of the new contract, Miles will receive a total of $15 million if he is terminated without cause following the first three years. His buyout is $12.9 million dollars if fired without cause after the 2016-17 seasons. That figure drops to $8.6 million and then $4.3 million for the last two years.
A few LSU faculty members addressed the Board of Supervisors and expressed their unhappiness with the pay raise for Miles in the midst of budget cuts throughout the university's academic side.
Here are the financial terms of Miles' new contract.
Contract runs through Dec. 31, 2019
Base salary -- $300,000 per year
Supplemental media compensation -- $4 million per year
Total package -- $4.3 million per year
Supplement from Tiger Athletic Foundation and shoe/equipment deals -- $550,000 per year
Postseason incentives - maximum of $500,000 per year
Academic incentives - maximum of $200,000 per year
Length of service clause -- $750,000 if coach after 2017; $300,000 if coach after 2019
Automobile allowance -- $19,200 per year
SEC title game appearance -- $100,000
SEC title -- $100,000
Bowl game appearance -- $100,000 ($200,000 for a BCS-level bowl)
National title -- $100,000
Academic incentives (team must meet one of the following)
APR of at least 960
Graduation rate higher than 75 percent
GPA of at least 2.8
Compensation if terminated without cause
$15 million - if dismissed after the 2013, 2014 or 2015 seasons
$12.9 million - if dismissed after the 2016 or 2017 seasons
$8.6 million - if dismissed after the 2018 season
$4.3 million - if dismissed after the 2019 season