Indiana
Indiana believed to be paying record buyout to hire Darian DeVries as new basketball coach
BLOOMINGTON — Indiana will owe West Virginia what’s believed to be the largest buyout IU has paid for the right to hire a head coach, in its effort to free new men’s basketball coach Darian DeVries from his contract in Morgantown.
Per the terms of DeVries’ contract, obtained by USA Today Sports, IU will owe West Virginia a buyout more than $4.6 million, which will be owed within 60 days. The final number will likely stretch higher.
The initial figure comes per language in DeVries’ contract setting his buyout — should he wish to leave for another job during the contract period — at 37.5% of remaining guaranteed income. IndyStar understands that figure had already been built into the process before DeVries was hired.
Buyout payments typically come with associated taxes, which eventually push their overall cost up.
There’s another potential complicating factor specific to DeVries: It’s unclear whether West Virginia still has outstanding any portion of the $1.3 million buyout owed to Drake for the Mountaineers hiring him away from the Missouri Valley Conference school. It’s also unclear whether West Virginia has paid taxes on that buyout, as well as whether any of that obligation now passes on to Indiana.
It’s understood IU’s eventual financial commitment in hiring DeVries away from West Virginia could land around $6 million. That’s on top of what’s expected to be a seven-figure separation settlement with Mike Woodson, who stood down as IU’s coach at the end of the season.
Terms of DeVries’ deal with Indiana have not yet been disclosed.
USA Today sports project reporter Steve Berkowitz contributed to this report.
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