June 19, 2006
The University of Tennessee announced Monday that Men's Athletic Director Mike Hamilton was awarded a three-year contract extension and increased compensation.
UT President John D. Petersen announced completion of the contract and said, "We're pleased with what Mike has done and this contract is intended to reflect that satisfaction. Mike has consistently met or exceeded expectations in every area of his responsibilities. In a relatively short time on the job he has earned solid respect among his peers and has provided excellent leadership in a high profile department.
Petersen added, "I am particularly pleased with the progress made in the areas of financial management and balancing revenues during a demanding time. A substantial portion of Mike's opportunities involve performance based incentives, including an academic piece. His success in those areas will be mutually rewarding."
The new agreement increases Hamilton's base salary from $236,900 to $261,500 and runs through June 30, 2011. In addition, Hamilton receives monies for radio and television commitments and endorsement fees of $40,000. Hamilton's contract has the ability for additional athletic and academic performance incentive bonuses up to a maximum of $125,000 -- $62,500 for athletic performance and $62,500 for academic performance. If Hamilton remains at the university through June 30, 2011, he will receive a retention bonus of $120,000.
"I want to thank Dr. John Petersen and the University for their expression of confidence in the leadership of the athletics program through this contract extension," said Hamilton. "I believe I have the greatest job in America and we stand at the cusp of great things both institutionally and athletically. We are blessed to have a great institution, great leadership, and great fans, coaches, staff and student-athletes. I look forward to celebrating victories with them for years to come."
Under Hamilton's leadership, UTAD's operating expenditures have decreased more than $3 million, while giving to athletics has increased by 50 percent -- from $20.6 million in fiscal year 2003 to $30 million in fiscal year 2006. UTAD also has experienced an unprecedented time of facility construction and renovation and seen a resurgence in men's basketball success.
Hamilton recently was named to the NCAA Academics, Eligibility and Compliance Cabinet. He is chairman-elect of the Knoxville Area Chamber Partnership.