Wade's contract with NC State worth more than $17 million

New NC State men’s basketball coach Will Wade's six-year contract is worth more than $17 million.

He can earn up to $1.7 million annually in performance bonuses, according to terms of his contract obtained by WRAL on Friday. Wade's salary in his first season is $2.5 million. It climbs by $150,000 annually, topping out at $3.25 million for the 2030-31 season.

Wade would owe NC State a $5 million buyout if he were to leave before April 1, 2026. That figure falls to $3 million before April 1, 2027, $2 million before April 1, 2028 and then remains at $1 million if he were to leave before April 1, 2029.

Wade led McNeese State to back-to-back regular-season and conference tournament titles during the two seasons. The Cowboys reached the NCAA Tournament twice and upset Clemson in the first round this year. Wade previously was the head coach at Chattanooga, VCU and LSU.

Wade earned $700,000 in his final season at McNeese State under terms of a new five-year contract he signed in February 2024. His contract had a $1 million buyout if he left before Aug. 31, 2025. NC State will pay the $1 million buyout, accordingt to Wade's contract.

At his introductory press conference, a confident Wade said NC State would finish in the top part of the ACC and be in the NCAA Tournament next season.

“Everybody is singing from the same sheet of music,” he said. “And, when that happens at NC State, it’s going to be a reckoning for the ACC and it’s going to be a reckoning for college basketball and it’s coming. And it’s coming soon.”

Wade can earn bonuses of $100,000 for winning the ACC regular season or the ACC Tournament titles. He could earn up to $1 million for winning the NCAA Tournament.

The university’s Board of Trustees university affairs committee gave its approval Thursday.

Kevin Keatts made $3.3 million in salary in 2024-25, a figure that included $500,000 in raises after winning the ACC Tournament and reaching the NCAA Tournament’s Final Four in 2024. Keatts was fired after the Wolfpack went 12-19 in 2024-25 with five years remaining on his contract.

Unlike Keatts' contract, Wade's deal does not inlcude automatic extensions for certain levels of on-court success.

Most of the players from NC State’s roster have entered the transfer portal or are out of eligibility. Former McNeese State guard Alyn Breed, who missed all but two games last season, announced he has committed to NC State. Breed played three seasons at Providence.

Assistant coach Adam Howard, who was at Nebraska last season, will earn $350,000 annually, according to his contract. Assistant coaches Brandon Chambers and Vernon Hamilton, who were with Wade at McNeese State, will earn $250,000, according to their contracts. General manager and chief strategist Andrew Slater, who was with the Oklahoma City Thunder, will earn $400,000 and assistant general manager Patrick Stacy will earn $85,000.

Howard, Chambers, Hamilton and Slater are on two-year contracts.

The BoT committee also approved a new bonus structure for assistant men’s basketball coaches. The athletic department has been updating its bonus structure for assistant coaches across all sports. The assistants can earn up to $30,000 per year in academic bonuses and $155,000 in on-court performance bonuses, including $100,000 for winning the national championship and $15,000 for winning at least 16 conference games or 24 total games in the regular season.