Indiana Basketball's Mike Woodson Gets $1M Raise, Contract Now Worth $4.2M Annually

Indiana announced Friday it handed men's basketball coach Mike Woodson a pay raise ahead of the 2023-24 season.

Woodson will now average $4.2 million annually, $1 million more than in his original contract. That figure ranks ninth nationally and third in the Big Ten behind Michigan State's Tom Izzo ($5.7 million) and Illinois' Brad Underwood ($4.6 million).

"Upon his arrival, Coach Woodson immediately re-inserted our program into the national conversation both in terms of an elevated level of success on the court and in recruiting," athletic director Scott Dolson said. "I knew that returning our program to the level that Hoosier fans rightfully expect would be a process that wouldn't happen overnight. I have been extremely pleased with the steps we have taken during the last two years."

Woodson's hiring was met with a level of skepticism because he had never worked in the college ranks before. While he possessed a wealth of experience as an assistant and head coach in the NBA, leading the Hoosiers meant taking on entirely new challenges.

The 65-year-old has repaid the administration's faith by guiding Indiana to a 44-26 record and back-to-back NCAA tournament appearances over his first two seasons. That's the kind of consistency that eluded the program during Archie Miller's tenure.

The Hoosiers might be destined to take a step backward this season with Trayce Jackson-Davis and Jalen Hood-Schifino now in the NBA. Miller Kopp and Race Thompson graduated as well, meaning the Hoosiers will be without four of their top five scorers from 2022-23.

With Friday's move, the school is nonetheless confident it can continue moving in a positive direction with Woodson at the helm.