Naismith Memorial Hall of Fame coach Tom Izzo has agreed to a new contract with Michigan State, the school announced Thursday. The deal is a rolling five-year agreement that will effectively keep him as the coach of the Spartans until he decides to retire. 

"Twelve years ago, Tom Izzo said he would be a Spartan for Life, and today's announcement further demonstrates and renews this commitment," MSU vice president and athletic director Alan Haller said in a release. "We have worked collaboratively to come up with a contract which benefits the University, Coach Izzo and his family."

Izzo's new contract, which includes non-performance related compensation, will pay him $5.92 million annually. As part of the contract, his base pay moves from $430,000 on his old deal, signed in 2018, to $2.43 million on his new deal. He will receive $3.09 million in supplemental compensation and $400,000 on a footwear and apparel deal with Nike on top of that. In totality, including fringe benefits and airplane use, the compensation package has an annual value of approximately $6.2 million per year.

Izzo's five-year rollover contract includes non-performance related compensation of $5.92 million per year, including a $2.43 million base (up from an initial $430K base on his 2018 contract), $3.09 million in supplemental compensation and $400K from footwear and apparel provider Nike. Total compensation including airplane use and additional fringe benefits adds up to a yearly compensation package with a value of approximately $6.2 million per year.  

"Michigan State has been a home to me and my family for 40 years and I'm ecstatic to sign this contract," Izzo said. "We have worked hard to maintain championship standards and I'm as energized to coach now as I was when I started as the head coach in 1995. When you look at the last 10-12 seasons in men's basketball and football, both under Coach (Mark) Dantonio and Coach (Mel) Tucker, you'd be hard-pressed to find a school with more success. But I know the best is yet to come – not only for our two programs, but for the entire department."

Izzo, 67, is re-upping as he prepares for his 28th season as the coach at Michigan State during a time when he indeed has helped breathe new life into the program he's built. The Spartans have been red-hot on the recruiting trail in the 2023 cycle with three commitments from top-100 recruits coming in the last two weeks alone. Their class ranks first in the Big Ten and third nationally behind only recruiting powerhouses Duke and Kentucky.

Since Izzo took over as Michigan State's coach in 1995, the Spartans have won 10 regular season Big Ten titles, six Big Ten Tournament titles and a national championship. He's also led the Spartans to eight Final Fours and earned national coach of the year honors on eight different occasions while tallying a career record of 666-267.