Colorado’s board of regents on Friday unanimously approved a new contract and raise for athletic director Rick George.
With the new five-year deal, which runs through June 30, 2026, George will receive $1 million annually in base and supplemental salary. Under the new contract, which replaces the deal he signed in 2019, George will receive a raise of $150,000 per year.
Regents voted 8-0 in favor of the deal, with Chance Hill not present.
In addition, George, who was officially hired on Aug. 12, 2013, will receive a payment of $100,000 within 15 days of the agreement becoming final. That is in recognition of George deferring or declining incentive payments of at least $695,000 throughout his tenure at CU.
Most of the incentives written into George’s extension in 2019 remain in place on the new contract. That includes a $50,000 bonus if attendance for football games at Folsom Field averages at least 44,000 this year and $50,000 if home attendance for men’s basketball reaches at least 7,400. There are also incentives for meeting academic and fundraising goals.
George’s contract includes a new incentive of $100,000 if the university eliminates the athletic fee currently being charged to undergraduate students. CU’s athletic fee of $28.50 per semester has not changed since its inception in 1980 and there is no timeline for eliminating the fee.
Also new to George’s contract is retention payments. He will receive $100,000 if he is still employed by CU at the end of his third contract year (2024) and $250,000 if still employed at the end of his fifth contract year (2026).
This is the third contract extension for George since he was hired in 2013. He also received extensions and raises in 2016 and 2019.