The hiring of Philip Rivers as NC State’s newest football head coach became official Friday following a board vote to approve his contract.
Rivers signed a five-year, $18.25 million deal that will pay $3.25 million in his first year and increase by $200,000 annually, according to On3.
NC State opted to fill its vacancy by bringing back the Wolfpack legend and 18-year NFL quarterback.
The conversations date back to last Wednesday, when NC State leadership met with Rivers before he coached St. Michael’s Catholic High School in the first round of Alabama’s Double-A playoffs.
Rivers’ initial deal runs through Dec. 31, 2031, including an annual base salary of $2,437,500 per season, plus $812,500 in supplemental compensation each year, according to On3.
The Wolfpack Hall of Famer also has an interesting amount of academic incentives in this deal.
Rivers can earn up to $100,000 per year if the federal graduation rate reaches 100 percent, another $100,000 per year if the four-year graduation success rate reaches 100 percent and an additional $100,000 if the academic progress rate reaches 1000, per On3.
For on-field success, Rivers reportedly will earn $50,000 for eight wins, $100,000 for nine, $150,000 for 10, $200,000 for 11 and $250,000 for 12 or more in a season.
Rivers can also earn $50,000 for playing in a non-College Football Playoff bowl game, $100,000 for winning one and $300,000 for playing in the first round of the College Football Playoff, per On3.
He’ll reportedly receive an additional $75,000 for each subsequent playoff round and $1 million if the Wolfpack win the national championship during his tenure.
An ACC Coach of the Year award adds $50,000 to his contract, while being named National Coach of the Year by any publication would earn him $100,000, according to On3.
The contract also reportedly provides other benefits and non-salary compensation, including two courtesy vehicles, 20 tickets to every game, six men’s basketball tickets to any regular-season game and travel for his wife and family, provided by the university.
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