St John’s head coach Rick Pitino recently said “I’m overpaid right now. They should take some money away from me. I don’t need anything.” However, does his son, New Mexico head coach Richard Pitino, feel that way about his salary? Richard Pitino, now 42, has never publicly mirrored his father’s sentiment. However, he has lingered somewhere near. When asked about his role and life in New Mexico Magazine, he offered a grounded perspective: “I try really, really hard to see the big picture and not get out of whack with the salary and job.”
What is absolutely clear, however, is that Pitino Jr, just like his father, has worked his way up the coaching ladder. Having given 2 decades to college basketball, with half of the time as an assistant HC, and the other as HC, he has earned every penny that has come his way. The first ten years, he honed his craft under masters like Billy Donovan at Florida, and, yes, Rick Pitino too at Louisville. Goes without saying, that those years weren’t as glamorous- assistants often grind through long hours for modest pay, with Richard reportedly earning around $50,000 annually early on, per industry norms for the era.
However, those years built a foundation for his tenure as an HC, where his pay has peaked. And every single penny is tied to tangible results- wins, revenue, and renewed pride in Albuquerque. As UNM’s Athletic Director, Eddie Nuñez said when Pitino entered his fourth season as an HC and had his salary upped: “His leadership has guided our program to greater success in each of his first three seasons…He has also been a tremendous representative of our university and ambassador of Lobo athletics throughout the community. Our recent on-court success has produced increased revenue, and we believe the best way to continue to foster that growth is to reinvest in the program“.
Now, you might be wondering- how much was that investment when it came to rewarding the coach who broke a 10-year NCAA tournament drought for the team? Let’s dive into it.
What is Richard Pitino’s contract with the New Mexico Lobos? How long is the deal?
Richard Pitino’s current contract with the New Mexico Lobos is a six-year agreement that sees through the 2028-29 season, marking a total of eight years since his arrival in March 2021. This deal emerged from a contract extension announced in May 2024, by University of New Mexico Vice President/Director of Athletics Eddie Nuñez, following the Lobos’ triumphant 2023-24 season—notably including a Mountain West Tournament championship and their first NCAA Tournament appearance since 2014. The extension added one year to his prior contract, which was set to end after the 2027-28 season.
The University of New Mexico announced Tuesday that head Lobo men’s basketball coach Richard Pitino signed a contract extension through the 2028-29 season. pic.twitter.com/YdIJ4dJ804
— Princess Stella Solaria (Princess Solaria) (@DamianEudy) May 8, 2024
“I’m truly grateful for the continued support and belief that President Stokes, Eddie, our board of regents, and of course our amazing fan base has shown me and my family over the last three years,” said Pitino after signing the contract. “We did some great things this year and I look forward to building off that success. Our amazing fans deserve a winner and I will work tirelessly to deliver them a team they can be proud of.”
The contract details hold a structured financial commitment. We will get to the base salary and other specifics in the next section. However, something to note here is that Pitino owes $750,000 if he departs in 2024-25 or 2025-26, dropping to $0 by 2028-29. All his buyout totals will also be halved if Nuñez is no longer the athletic director at UNM at any point during the contract period. UNM’s cost to terminate without cause starts at $5.3 million in 2024-25, dropping to the remainder of Pitino’s base salary in the 2028-29 season.
How much will Richard Pitino earn in the 2024-25 NCAA season?
The newly signed contract upped Richard Pitino’s annual salary and compensation for the 2024-25 season to $1.2 million. Pitino’s new contract also helped to match him on the same pay scale as then-UNM football coach Bronco Mendenhall, which made both Pitino Jr and Mendenhall the highest-paid public employees in the state of New Mexico!
The total includes a $400,000 base salary, $400,000 for media obligations, and $400,000 for program promotion. The increment is majorly because of the media and promotion categories, which rose from $375,000 each in 2023-24 to $400,000, with annual $25,000 increments pushing his salary to $1.4 million by 2028-29. “We did some great things this year and I look forward to building off that success,” Pitino said after the extension, adding, “Our amazing fans deserve a winner”.
Incentives offer more earning potential:
$25,000 for a Mountain West regular-season title
$10,000 for an NCAA Tournament appearance
$15,000 for a 10-win conference season
$10,000 for Mountain West Coach of the Year
$15,000 for an APR above 970 (a metric he’s consistently cleared)
$100,000 for a national title
$10,000 for each NCAA tournament win (potentially more for deeper runs).
NCAA, College League, USA Mens Basketball 2024: New Mexico vs Arizona State NOV 28 November 28 2024 Palm Springs, CA U.S.A. New Mexico head coach Richard Pitino reacts to an officialÃââ s call during the NCAA Acrisure Classic Men s Basketball game between New Mexico Lobos and the Arizona State Sun Devils. Arizona State beat New Mexico 85-82 at Acrisure Arena in Palm Springs Calif. Thurman James/ CSM Credit Image: Â Thurman James/Cal Media Palm Springs Ca USA EDITORIAL USE ONLY Copyright: xx ZUMA-20241128_zma_c04_203.jpg ThurmanxJamesx csmphotothree326686
According to reports, the extension marked the 4th highest salary of a head coach in the Mountain West conference- behind San Diego State’s Brian Dutcher (over $1.5 million), Utah State’s Danny Sprinkle (around $1.3 million), and Nevada’s Steve Alford (just above $1.2 million).
What was Richard Pitino’s previous contract with the New Mexico Lobos?
Richard Pitino joined the New Mexico Lobos back in March 2021. In fact, he joined less than 24 hours after he was fired as HC of the Minnesota Golden Gophers. By September, it was announced that his 6-year contract with the team was official. The total payout for it was set just shy of $5 million, with his first-year salary set at $775,000. After that, the contract stated that Pitino would be paid $800,000 per season with reported numerous incentives.
The contract did not take into account Pitino’s $1.75 million buyout on his Minnesota contract. Gophers athletic director Mark Coyle revealed that conversations about the same would take place separately.
Richard Pitino’s contract with the University of Minnesota, signed in 2019, included a $1.75 million buyout for dismissal before April 30, 2021. It also included a $500,000 early-termination clause. Both of them were waived when he was fired in March 2021. Pitino’s first contract with New Mexico was a major downgrade. After all, he was reportedly making $2.46 million annually through 2023-24 at Minnesota. Fortunately, with time, things started turning in favor of the now-New Mexico HC.
In May 2023, Richard Pitino signed his first extension with the New Mexico Lobos. The new deal came right after reports revealed that there had been an attendance increase of more than 30% in the Pit for the team’s games in the then past season. The same had led to higher-than-projected revenue from ticket sales, parking, concessions, and men’s basketball-specific donations. Therefore, when the riches are there, why not spread it? Under the terms of this extension, Pitino was set to make $1.1 million in the next season (2023-24) and the figure was set to rise to $1.25 million in the final year of the deal in 2027-28. That deal got upgraded by the extension Pitino signed in May 2024.
What is Richard Pitino’s net worth in 2025?
Unfortunately, while Richard Pitino’s contracts are heavily covered by renowned sources, his official net worth has not been made public knowledge. However, Richard Pitino has made no reported investments/endorsements that could be attached to his net worth. Therefore, at least his total career earnings can give analysts a place to start from.
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