Duke men’s basketball coach Mike Krzyzewski had total compensation of $9 million in year he retired

Duke men’s basketball coach Mike Krzyzewski had total compensation of $9 million in year he retired

play

Mike Krzyzewski was credited with just under $9 million in total compensation for the 2022 calendar year, the one in which he retired as Duke’s men’s basketball coach, the university’s new federal tax returns show.

The document — provided by the school on Wednesday in response to a request from USA TODAY Sports — shows Krzyzewski with more than $5.9 million in bonus and incentive compensation. Not adjusting for inflation, that is the largest single-year bonus total reported for him by the school, dating from the 2009 calendar year. In most years, his bonus amount was between $1 million and $3 million.

Krzyzewski’s reported total pay includes $1.2 million that, according to the document, had been recorded as deferred pay on prior years’ returns. That means his unduplicated net compensation for 2022 was about $7.8 million.

Beginning with the 2009 calendar year, Krzyzewski has been credited with just over $84.8 million in net unduplicated compensation, according the school’s returns.

A spokesman for the university did not immediately respond to questions from USA TODAY Sports.

Krzyzewski retired following a 2021-22 season that ended with Duke reaching the NCAA men’s Final Four. He ended his career with five national championships, 13 Final Four appearances and a 1,202-368 overall record in 47 seasons (1,129-309 in 42 seasons with Duke).

He was credited with nearly $2.4 million in base pay for 2022. In April of that year, he turned over the program to former Duke assistant coach Jon Scheyer, who had been named as Krzyzewski’s successor in June 2021.

During the 2021 calendar year, Krzyzewski’s last full calendar year as head coach, he was credited with nearly $3.5 million in base salary.

Under IRS rules, while non-profit organizations — including college and universities — make most financial disclosures on a fiscal-year basis, they are required to report employee compensation figures on a calendar-year basis. They must use the calendar year completed during the given fiscal year. Duke’s fiscal year covered by the new return ended June 30, 2023, so the 2022 calendar year is used for compensation reporting.

In addition to his base and bonus pay for 2022, Krzyzewski was credited with just over $600,000 in retirement and other deferred compensation. Since his retirement, he has continued to work for the university. Duke athletics website currently lists him as “Ambassador to Duke University.”

In addition to the 2022 figures for Krzyzewski, Duke’s return showed:

▶Former football coach David Cutcliffe received severance pay of nearly $4.4 million in 2022. The school announced on Nov. 28, 2021 and that he and the school had “reached a mutual agreement for separation.”  The return did not indicate whether this represented the full amount owed to Cutcliffe.

▶Then-current football head coach Mike Elko was credited with just over $3.9 million in total compensation, including just over $3.5 million in base pay. After the 2023 season, Elko left Duke to become Texas A&M’s head coach. According to a term sheet released by Texas A&M, Elko is set to make $7 million for the 2024 season. In addition, Texas A&M paid a $5 million buyout on Elko’s behalf to Duke.

▶Scheyer was credited with $1.7 million in total compensation for a 2022 calendar year in which he began as an assistant coach. He was credited with about $860,000 in base pay and nearly $800,000 in bonus and incentive pay.

Related Articles