Soon-to-be former Missouri athletic director Jim Sterk will receive his full base salary of $507,500 over the next two years until his contract was set to expire, according to documents obtained by the Missourian.
MU announced Monday that Sterk would step down after just under five years on the job. Per the transition agreement, he will leave either when the university has hired his successor or Sept. 15, whichever is earlier. If a replacement is found before Aug. 22, Sterk will remain an MU employee until the end of that day.
Sterk will also receive $150,000 in deferred compensation from the past year. That payment is due within 10 days of the transition agreement's execution, July 27, rather than the usual Aug. 15. He will receive another $300,000 from incentive clauses he earned the past two years.
In total, Sterk will make $1.465 million between now and when his contract ends July 31, 2023.
On top of his base income, Sterk also received $200,000 per year in nonsalary compensation for speaking engagements, radio shows and other public appearances. He will not get those payments over the next two years, a university spokesperson confirmed.
The agreement specified that both Sterk and MU acknowledge that there was no wrongdoing on either side. Both parties agreed that it was within their “mutual best interest” for Sterk to step down.
Sterk also agreed not to take any sort of legal action against the university regarding the termination of his employment, per the documents, and acknowledged that he had 21 days to consider the agreement. He will cooperate with MU during the search for his successor, making himself available as a consultant during the process and supplying information regarding the job and his experience over the past five years.
Sterk was hired away from San Diego State in 2016 after Mack Rhoades left for Baylor. In the initial release announcing Sterk’s departure, MU said the search for its next AD would begin immediately.
Sterk leaves during a transition period for much of college sports, one the next AD will have to navigate. The NCAA passed Name, Image and Likeness legislation in late June, allowing athletes to make money off of their platforms for the first time.
More recently, Texas and Oklahoma last week informed the Big 12 that they intend to leave the conference and Tuesday formally requested admission to the SEC. The move will likely set off another round of realignment, similar to what brought Missouri to the SEC in 2012.