Oklahoma State coach Mike Gundy's revised contract with the school, approved Friday, includes a reduced salary and buyout, as well as provisions that require him to be more involved in fundraising and possibly his own succession plan.
The Oklahoma A&M Colleges Board of Regents, which oversees Oklahoma State, approved the agreement Friday. Gundy's salary will drop by $1 million and he will earn $6.75 million in the first year of a four-year term that ends following the 2028 season. He has led Oklahoma State since 2005 -- only Iowa's Kirk Ferentz has led the same FBS program longer -- but comes off his worst season, as the Cowboys went 3-9 and winless in Big 12 play.
There were tense discussions about Gundy's future following the season before the sides reached an agreement on a revised contract. Gundy, a former Oklahoma State quarterback, is 169-88 at his alma mater with a Big 12 title and 10 AP top-20 finishes.
The deal includes a provision that Gundy, at the request of athletic director Chad Weiberg, be more involved in fundraising and donor initiatives. His salary reduction will be applied toward athlete revenue sharing when the House v. NCAA settlement goes into effect later this year.
Another provision in the agreement, also at Weiberg's request, would call for the possible identification and development of a coaching successor, and helping with a coaching transition.
Gundy would be owed $15 million if fired during the next three years and $10 million if fired during the final year of the term. His previous contract called for him to receive a percentage of his remaining compensation if fired.
Gundy, 57, reshaped his coaching staff during the offseason, hiring coordinators Todd Grantham (defense) and Doug Meacham (offense), and other new assistants.