CLEMSON — Oliver Purnell has agreed to a two-year contract extension that keeps him among the top highest-paid basketball coaches in the ACC.
Purnell is slated to make at least $1.35 million in guaranteed income next season, a bump from last season’s $1 million.
Details of the agreement come from a memo obtained from the university by The State on Monday.
The memo, dated June 1 and signed by Purnell and athletics director Terry Don Phillips, serves as formal notice until a new contract is drafted.
In March, Phillips said Purnell would receive a financial “enhancement” to his current deal when his name surfaced to fill coaching vacancies at Alabama and Georgia. At the time, Phillips said the length of Purnell’s contract was not changing, but Phillips was in favor of adding more years.
Purnell’s base salary is set to increase from $225,000 to $275,000, while his guaranteed supplemental income will jump from $775,000 to $1.075 million.
Last year, the 56-year-old Purnell agreed to a two-year extension through 2013-14. His deal now extends through 2015-16.
Purnell guided Clemson to its second NCAA tournament appearance in a row this past season, the school’s ninth overall.
He ranked fifth in reported ACC salaries last year behind UNC’s Roy Williams (estimated $2.5 million), Duke’s Mike Krzyzewski ($2.2 million), Maryland’s Gary Williams ($1.7 million) and Georgia Tech’s Paul Hewitt ($1.3 million). Wake Forest does not divulge salaries because it is a private institution.
Purnell has a complex retirement plan to which Clemson contributes. Nearly $1.1 million of the plan became vested when Purnell remained at Clemson through April 29, and $2.474 million becomes vested if he sticks around through the 2014 season.
This latest amendment calls for Clemson to contribute $250,000 to a deferred compensation account for each of the two new years on Purnell’s contract, presuming Purnell is still with the Tigers.
Purnell’s new agreement incrementally increases the amount he would owe Clemson if he leaves by his own choosing. Its costs Purnell more the longer he remains.
Should Purnell take a Division I coaching job before April 30 of next year, he owes Clemson $250,000. But each year thereafter, he would owe the university an additional $250,000, building to a $1.5 million buyout if he left before the final year of his contract.
Oglesby update. Former Clemson guard Terrence Oglesby expects to sign with an overseas professional team in early July, his father, Tony, said Monday.
Oglesby, who announced last month he was leaving Clemson after two seasons, did not declare early entry into the NBA draft. He has since signed with an agent, Tony said.
The 6-foot-2 sharpshooter from Cleveland, Tenn., participated in the June 6-8 Reebok Eurocamp in Treviso, Italy — a five-on-five showcase of Europe’s top draft prospects. Oglesby, playing alongside a pair of potential draftees in St. Mary’s guard Patty Mills and 6-9 Serbian forward Vladimir Dasic, tallied 17 points in three starts but reportedly struggled on the defensive end.
While three teams from France and another from Belgium have expressed interest, Oglesby likely will sign with a team from either Italy or Spain, Tony said. Oglesby spent the past two weeks visiting various overseas teams.