Report: Dan Hurley signs six-year, $50 million extension with UConn

After spurning the Kentucky and Los Angeles Lakers coaching jobs this offseason, reigning back-to-back champion head coach Dan Hurley has signed his extension with UConn.

According to Jon Rothstein, Hurley’s new extension comes out at six years for $50 million. He tweeted the news Monday morning, which you can see right here:

“Source: Following back-to-back national titles, UConn’s Dan Hurley has officially signed a six-year, $50 million dollar contract extension. Official announcement expected soon.”

So, he actually took a pay cut to keep coaching the Huskies and chase a third straight title in a row. There was never any confirmed word of what Kentucky offered him, but rumors suggested the annual figure was certainly above the $8.3 million he’ll be making per year in his new deal.

We do know what the Los Angeles Lakers offered him: the same number of years, six, but an extra $20 million to make it $70 million total. That’s a pretty steep difference and would have increased his annual salary to $11.6 million.

But there’s also an argument that offer from LA is low, and may not even be more valuable than his deal at UConn. You’ve got to think, the California state income tax rate more than doubles the amount Hurley would pay each year compared to the Connecticut rates. Although, after tax, he would still be making roughly $1.4 million more in annual take-home pay in the LA deal, according to calculations from Forbes.

But that’s not factoring in… Hurley would have to sell his house and likely buy a much more expensive one in Los Angeles, and then pay property tax on what’s likely to be a very valuable piece of land. Plus, the basic cost of living difference is immense across the board between a small northeastern town and Los Angeles, California.

Really, it’s quite easy to assume Hurley is better off financially with roughly $3 million less per year in Connecticut than he would be with the extra cash in Los Angeles.

Perhaps if the Lakers wanted to give him an offer he couldn’t refuse, their six-year deal would have had a figure closer to $100 million — but that’s a wildly high number to hand to an NBA coach, especially when many flame out and changes happen multiple times per decade for most franchises.

UConn fans can rest easy, though, and know that their coach likely isn’t going anywhere for some time.