UNM, Eric Olen agree on new five-year contract
The University of New Mexico and men’s basketball coach Eric Olen have agreed to a new contract, one that will pay him $7. 25 million over the next five years and includes measures intended to entice the coach to stick around. Olen led the Lobos to a 26-win season and the NIT semifinals in his first year as head coach.
“This past year has been an amazing experience for me and my family,” Olen said. “It’s an honor to lead this program and walking down the ramp on game day is something I will never take for granted. The support from this community and passion of our fan base make the University of New Mexico a truly special place.
I appreciate everyone that helped make year one so memorable and I’m excited to build on that foundation. ” The new deal, not an extension of the old contract, runs through the 2030-31 season. Olen’s base pay will not increase under this contract, but the new deal does include a $100,000 retention bonus.
Also, as part of the agreement, UNM increased the assistant coaching salary pool by $175,000. The new deal also comes with what’s essentially a $1 million buyout increase. Universities, to protect their investments in head coaches, often include buyout clauses that require a coach to repay the university if the coach leaves for a more lucrative deal at another school.
After a first year in which his team outperformed expectations, Olen drew interest from power-conference programs and would likely receive renewed attention if the Lobos repeated their success. Olen must repay the university 50% of the entire contract if he leaves after Year 1 or Year 2. Because this is a new contract, he would be on the hook for $2,950,000 if he left after the 2026-27 season.
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