Texas A&M and new head football coach Mike Elko now have an official contract.
That follows approval by the board of regents during a special meeting Thursday (November 30) morning.
The regents first met in private for 25 minutes with interim president Mark Welsh and athletics director Ross Bjork.
Following the executive session, Welsh said the contract is in “alignment with the terms of the memorandum of understanding previously signed by myself, the athletic director, and coach Elko last weekend.”
Bjork said “we believe it’s a very fair contract given the current landscape of college football, incentive based on the new college football playoff format”.
The only board comment before their eight to nothing vote was chairman Bill Mahomes of Dallas offering his congratulations.
Absent from the meeting was regent John Bellinger of San Antonio.
Click below to hear comments from the November 30, 2023 board of regents meeting.
News release from the Texas A&M system:
The Texas A&M University System’s Board of Regents on Thursday gave formal approval of contract terms for Mike Elko as the next head coach of the Texas A&M University football team.
The Regents, who had provided contract parameters prior to the search, authorized Interim President Mark Welsh on Thursday to finalize a six-year contract with $7 million in annual pay, plus up to $3.5 million in additional incentives for success in the playoffs.
“Regents are excited to welcome back Mike Elko as the new head coach,” Chairman Bill Mahomes said. “Like Aggie fans everywhere, we admire his accomplishments as our defensive coordinator, 2018-2021, and at Duke as the 2022 ACC coach of the year. He is world class. We are delighted to welcome Coach Elko and his family back to Aggieland.”
President Welsh echoed those remarks.
“Aggies everywhere have welcomed Coach Elko and his family back with open arms,” President Welsh said. “He has talent, experience, tremendous leadership skills and the trust and admiration of our student athletes. I can’t wait to see how he and the team excel both on and off the field.”
The terms, outlined in a memo of understanding between Elko and the university, include several post-season incentives:
- $1 million for making the College Football Playoff (CFP)
- $1.5 million for advancing to the CFP quarterfinals and/or winning the SEC Conference title
- $2 million for advancing to the CFP semi-finals
- $2.5 million for advancing to the CFP championship game
- $3.5 million for winning the national championship.
- Other incentives include $100,000 for appearing in the SEC Championship game, $50,000 for being named SEC Coach of the Year, $100,000 for being named National Coach of the Year and $50,000 for achieving NCAA academic improvement in student eligibility and retention over multiple years.
The memo also provides for damages if the coach resigns early or the university terminates the contract without cause.