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Matt Painter, the man at the helm of Purdue basketball since 2005, now faces a tide of discontent. Before joining Purdue, Painter led the Southern Illinois Salukis to an impressive record and an NCAA tournament appearance. With Purdue, he has achieved numerous milestones, including an Elite Eight appearance in the 2018/19 season. But, after a shocking loss to the #16 Fairleigh Dickinson, a storm of Purdue fans are now calling for Painter’s dismissal. As we dive into the details of his contract, salary, buyout, and net worth, we must ask: should Painter be fired?
Down Go the Number One Seed Purdue Boilermakers
On Friday, the unimaginable happened. Fairleigh Dickinson +1700 on the moneyline with sportsbooks, which translates to a mere 5.6% probability, eliminated Purdue from the NCAA tournament.
(16) FDU UPSETS (1) PURDUE 😱😱😱
MARCH. KEEPS. ON. GIVING. #MarchMadness pic.twitter.com/4T0K3n13Er
— NCAA March Madness (@MarchMadnessMBB) March 18, 2023
This devastating loss marks the second time in three years that Purdue has been ousted in the first round of March Madness. Disgruntled fans have taken to social media, demanding a change in leadership. At this point, there is even a Reddit thread dedicated to it. Not only that, but on Purdue’s own basketball forum, there are calls for the program to fire Painter. His past success now seems meaningless in a culture that asks, ‘What have you done for me lately?’
It’s time. Fire Matt Painter! #FireEverybody #Purdue pic.twitter.com/KaxwN1F02W
— Message Board Geniuses (@BoardGeniuses) March 18, 2023
Matt Painter’s Contract and Salary
In August 2022, Painter signed an amended contract with Purdue. He is guaranteed $3.58 million for the 2022-23 season. His base compensation set to increase to $3.67 million in 2023-24. Back in 2019, Painter’s contract transitioned to a rolling five-year term with automatic one-year extensions. Either party can opt out by providing advance notice in May, choosing not to trigger the subsequent extension year.
Painter’s contract also includes over $850,000 in potential incentives, ranging from NCAA tournament victories to Coach of the Year awards.
Matt Painter’s Buyout
However, if Purdue decides to part ways with Painter there is a huge cost to consider. According to USA Today, the school buyout as of April 1, 2023, is a jaw-dropping $15,862,200. You read that right, Matt Painter’s buyout is almost a staggering $16 million.
Firing Painter would place a massive financial burden on the school. With that hefty buyout, Purdue would need to weigh the long-term benefits of a coaching change against the short-term financial impact. It’s a decision that won’t be made lightly, given the immense pressure from fans and the high stakes of NCAA basketball.
Matt Painter’s Net Worth
Painter’s net worth is estimated to be around $8 million. This wealth is primarily derived from his lengthy and successful coaching career. However, endorsement deals and other income streams also play a factor. With such a comfortable net worth, it’s clear that Painter has made a significant impact in the world of college basketball.
Purdue basketball faces a difficult decision. While Matt Painter’s contract, salary, and buyout present a costly dilemma, the question remains: should he be fired after becoming just the second-ever #1 seed to lose to a #16 seed? Ultimately, the answer may not be found in dollar signs or probabilities, but in the hearts of Purdue fans and the future they envision for their beloved team.
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