BOONE — Appalachian State football coach Scott Satterfield’s new contract extension will see him make a minimum of $900,000 in 2023, according to the terms that were released on Wednesday.
The contract, which was approved by the ASU Board of Trustees on Sept. 21 and signed by Satterfield on Sept. 27 — extends the expiration date from 2021 to 2023.
According to the terms of the contract, Satterfield will make $712,500 in regular compensation in 2018, $750,375 in 2019, $788,643.72 in 2020, $827,325.96 in 2021, $866,430.24 in 2022 and $906.014.40 in 2023.
Adding on incentives compensation, Satterfield has the possibility to crest the seven-figure mark with bonuses for winning nine games or more ($25,000), winning the conference championship ($50,000), winning the Sun Belt East Division ($25,000), being invited to a bowl game ($25,000) and winning a bowl game ($15,000). Satterfield also gets bonuses when the team makes a 2.7 or 3.0 GPA ($10,000 or $15,000) or makes a 950 academic progress rate ($15,000).
Like Satterfield’s previous contract extension, his base salary remains at $425,000, plus potentially a courtesy car or a $600 a month car allowance. However, the “monthly retention bonus” that currently adds more than $150,000 to Satterfield’s yearly pay will increase from $13,125 a month in 2018, paid monthly, up to $16,751.20 by 2023. The increases through 2021 remain the same as his previous contract.
One change from the previous contract is that an “annual fund payment” is changed to “licensing/personality rights.” In the subsection, Satterfield is paid $130,000 in 2018 per the new contract and will increase $30,000 a year up to $220,000 by 2021, which is the same as the previous contract. The new contract will see those $30,000-a-year increases continue with the deal paying $280,000 by 2023.
“Coach’s obligation under (licensing/personality rights) shall include his appearance at a minimum of 25 Yosef Club or university events/meetings each contract year,” the contract states.
The license and personality rights payments will be made to “Satt Enterprises LLC,” a company formed Sept. 5 by Matthew Kelly of Kelly Law Group out of Charlotte. According to the North Carolina Secretary of State’s website, Satterfield and his wife, Beth, are listed as the president and vice president, respectively, of the company.
If Satterfield is fired without cause, he would be owed 100 percent of the base salary remaining on his contract, which in 2018 would be more than $2 million.
If Satterfield takes another job, the buyout would be “liquidated damages in lieu of any and all other legal remedies or equitable relief in an amount equal to coach’s current contract year base salary,” which would equal $425,000. The payment would be due 30 days after the termination.
The new extension is the fifth new contract Satterfield has received in his time as ASU football coach going back to December 2012. Satterfield was given an original four-year contract in December 2012, a contract adjustment in September 2014 for the subdivision change, a new five-year contract in October 2015 that ran through 2020, a restructured contract and extension through 2021 in May 2017 and the new extension through 2023 approved Oct. 2.