Boise's Petersen takes pay cut with extension

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Usually an unprecedented run of success gets you a contract extension and a hefty pay raise. Well, for Boise State coach Chris Petersen, one out of two was apparently good enough.

According to the Arbiter, Boise State’s student newspaper, Petersen’s new contract extension actually pays the record-setting coach less per season than he made previously.

The State Board of Education unanimously approved a new five-year, $8 million contract for head football coach Chris Petersen. Under the contract, Petersen will make $1.28 million this year and an additional $200,000 if he is still head coach of the Broncos in February of next year.

Under his old contract, Petersen would have made $1.30 million this year and an additional $250,000 if he still holds his position in Feb. 2011.

Boise State athletics director Gene Bleymaier said of the unique agreement, “Pete was very understanding and cooperative,” when dealing with the pay cut.

After taking over for Dan Hawkins in 2003, Petersen has taken the Broncos football program to unprecedented levels. He’s had two undefeated seasons in four years compiling a gaudy 49-4 record playing in the over-matched WAC conference, all while seemingly steering clear of the high profile job openings that likely come with nearly double the compensation.

Petersen’s new contract features a $600,000 buyout, likely larger than the buyout in previous contract, but nowhere near large enough to stop a school from going after him. If there’s proof needed to show Petersen’s comfort on the job, his current contract comes with automatic one-year extensions for every season that the Broncos win over eight regular season games, practically guaranteeing him a job in Boise as long as he wants it.

(H/T: Doc Saturday)