On Friday evening, Mizzou announced Dennis Gates has received a contract extension that runs through 2028-2029 and gives him a pay raise from $2.5 million to $4 million per year, with $100,000 annual increases every successive year after 2023-2024.
“Thank you to the Board of Curators, President Mun Choi and Desireé Reed-Francois for this opportunity to continue to lead Missouri basketball,” Gates said in a statement released by the school. “The city of Columbia is my home, my family loves it here and I wouldn’t want to be anywhere else. My staff has done a tremendous job of supporting my dream building on the great tradition of Mizzou. I’m proud to be a Tiger and to coach at this wonderful institution.”
Significantly, the contract also features a steep rise in Gates’ buyout. He’s become a popular name on coaching hot boards after coaching Mizzou to a 24-8 record thus far and clinching spots in the SEC Tournament semifinals and, almost certainly, NCAA Tournament. If a team wants to poach Gates from the Tigers now, they’ll have to cough up $25.5 million.
“We are on an upward trajectory with Coach Gates leading our men’s basketball program,” said Desireé Reed-Francois, Director of Athletics at MU. “We have seen the program’s immediate results through wins on the court, record-setting numbers in the classroom and creating enthusiasm in our community. Coach Gates has talked openly about his goals of winning championships and hanging banners in Mizzou Arena and I believe we are on that path under his leadership.”
The timing of the announcement couldn’t have been better. Last weekend, Mizzou clinched its first SEC Tournament double-bye after earning the tournaments No. 4 seed. The Tigers won a 79-71 slug fest against the Volunteers in the quarterfinals, earning a second go at the conference’s regular season champions in Alabama.