Will Wade's Term Sheet Reveals Contract Details, Buyout, & Direct Report To Heath Schroyer

New LSU men's basketball head coach Will Wade has agreed to a seven-year deal with the university worth $30 million, according to his term sheet obtained by The Advocate.

Wade’s contract will pay him $4 million in the first year, with annual raises of $100,000 until it reaches $4.5 million in each of the final two years.

If LSU terminates him without cause, he would receive 75% of his remaining salary. However, the deal includes a “duty to mitigate” clause, requiring Wade to seek other basketball or athletics-related employment in order to continue receiving those payments.

According to the term sheet, Wade will report directly to Heath Schroyer, who was recently hired to the LSU Athletics Department hours before Wade was announced as new head coach.

Schroyer was previously the athletics director at McNeese and hired Wade back in 2023 to coach the Cowboys. Schroyer's new tittle at LSU is Senior Deputy Director of Athletics/Executive Director of External Relations.

Here are Wade's buyout details, according to The Advocate:

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His buyout, if he took another head coaching job on or before April 1, 2027, is $5 million. That number decreases by $1 million each year before hitting zero on April 2, 2032. Fifty percent of his buyout would have to be paid within 30 days of his LSU contract getting terminated, while the remaining 50% would need to be paid within a year.

Additionally, Wade will be paid $50,000 if he gets LSU to the NCAA Tournament and $100,000 if LSU reaches the Round of 32. He will receive $300,000 if the Tigers reach the Final Four and $800,000 if they win the national championship.

The term sheet also states that Wade will report directly to former McNeese State athletic director Heath Schroyer. Schroyer agreed to a deal to become LSU’s Senior Deputy Director of Athletics/Executive Director of External Relations just hours before Wade was officially announced as LSU’s next coach, and was Wade’s athletic director when he was the coach at McNeese State for two seasons.

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