John Cook’s time in the saddle at Nebraska is far from over, as the longtime Husker volleyball skipper is now set to be at the reins of the program through January 2029.
With it comes a $75,000 raise that puts his salary at $825,000 annually. But that’s far from the only compensation he’s receiving. There’s the $70,000 retention bonus — something he’s over the moon about for a very specific reason. There’s also the deferred compensation package worth $1 million before potential investment returns.
It’s deserved. Well deserved.
Many — myself included — have been clamoring for years for Cook to be paid more.
While Cook was and now is again the highest-paid coach in college volleyball, it’s quite a look for both of Nebraska’s football coordinators to make more than Cook. As a reminder: Cook has guided Nebraska to four national championships, 11 Final Fours and 13 conference championships and Nebraska football hasn’t made a bowl game since 2016. Sure, there’s more money in football so it’s understandable that those in football receive higher compensation. But that doesn’t mean it’s a good look.
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Now when you pair Cook’s base salary with the retention bonus and the deferred compensation package, that puts him at $1.895 million in total compensation unrelated to performance bonuses for 2024. Even if a large chunk of that isn’t accessible yet, that’s not too shabby.
“We are fortunate to have John Cook leading our volleyball program,” Nebraska athletic director Troy Dannen said in a statement. “He is the most accomplished coach in the nation, and one of the top coaches in the history of American volleyball. John’s expectations are for nothing less than excellence in each and every endeavor, and his record reflects that.
“His influence within the department, and the leadership he brings across our 24-sport program benefits Cornhusker athletics well beyond just the sport of volleyball. John’s vision has been to establish Nebraska as a national leader in advancing and promoting the sport of volleyball, and this extension certainly represents the successful outcome of that vision.”
More thoughts on the specifics of Cook’s extension:
The retention bonus
Many within the athletic department — including Dannen, football’s Matt Rhule, men’s basketball’s Fred Hoiberg and women’s basketball’s Amy Williams — have base salary escalators written into their contracts.
What’s that? For example, Rhule made $5.5 million in 2023. In 2024, he’s set to make $6.5 million. In 2025, that goes up to $7.5 million.
Cook’s does not have that. Instead of his base salary gradually increasing, he has a retention bonus that’s set to be paid on July 1, 2024.
(Full disclosure: Rhule has a retention bonus of $1 million baked into his contract too for 2025, 2027, 2029 and 2030. Hoiberg also has retention bonuses of $500K in his contract payable in May 2024 and May 2027.)
Why did Cook opt against that?
“When Troy and I talked about my contract, I proposed that instead of an annual escalating salary that some coaches do, it would mean a great deal to me if the Nebraska Athletic Department would consider supporting me in purchasing a horse out in central Nebraska that I’ve had my eye on,” Cook said in a statement.
“The horse, called No. 415, was born and bred at the famous Pitzer Ranch in Ericson and is a once-in-a-lifetime performance horse. He was purchased as a weanling by Mark Wray and then trained by the Wray family. Troy loved the idea and while they couldn’t specifically write that into the contract, the retention bonus will be used for No. 415. I am honored that Troy was supportive of my idea and it means a lot to me. We are all looking forward to what should be an exciting 2024 season.”
No. 415 will be the fifth horse Nebraska fans should know, as Bud, Reba, Reggie and Bobs are already a part of the family. Bud, Nebraska volleyball’s former volunteer coach, was the Cooks’ first horse and was purchased in 2021.
If Cook is soliciting name ideas for No. 415, my suggestions are Pancake or Spike.
(I know AQHA has official naming requirements, but if Reba’s official name is Poco Tookie Lady, I’m sure we can figure something out.)
The deferred compensation
In July, $1 million will be credited to a separate investment account — listed in the contract as the “John Cook Deferred Compensation Account.”
This isn’t a common thing within the Nebraska Athletics side of things, but the university does have deferred compensation accounts for folks like UNL Chancellor Rodney Bennett and UNMC Chancellor and soon-to-be Nebraska System President Jeffrey Gold.
The $1 million is not money that Cook will manage initially, but rather an investment manager chosen by the university. The money will vest on Dec. 31, 2024. If he leaves prior to the end of his contract and takes a new job either in the NCAA or its “successor organization” or is fired for cause, he forfeits the money. If he retires, he keeps what has been vested.
The initial payment from the vested account to Cook will be made on Jan. 31, 2025. That’s mainly for tax purposes. The next payment from the vested account to Cook will be made on either Jan. 21, 2029 or thirty days after Cook retires. The second payment will be “equal to the remaining vested amounts.”
I like the idea. It’s like a retirement account, but not exactly. It also helps bridge the gap by paying him more without increasing his salary or ponying up the money for more retention bonuses.
But back to that “successor organization” thing for a moment. This small observation has nothing to do with Cook, but it is interesting that lawyers are beginning to add this provision into contracts, given the nature of college athletics right now. In this instance, the inclusion here feels like a cover for if/when the NCAA implodes and a new governing body emerges as its successor.
I can’t say I’ve seen Nebraska include this phrasing in its contracts before, but it’ll be interesting to see if that clause becomes more mainstream as things become more tenuous with the NCAA’s future.
Performance bonuses
The structure of the payout for performance bonuses has not changed for Cook. It remains specific base salary percentages for various achievements.
A Big Ten championship corresponds with a bonus of 15%. Then, for the postseason, the highest applies: NCAA Tournament berth is 10%, Sweet Sixteen is 15%, Final Four is 20% and a national championship is 25%.
But because Cook’s base salary has risen, his future performance bonuses will rise.
Last year, Cook earned a 15% bonus for Nebraska winning the Big Ten and then an additional 20% for Nebraska making the Final Four. With his base salary then at $750,000, those accolades resulted in bonuses of $112,500 and $150,000, respectively.
If Nebraska were to win the Big Ten this next season or in any future season where Cook is set to make $825,000, the bonus for that accomplishment would be $123,750. A Final Four run would correspond to a bonus of $165,000. A national championship would result in a bonus of $206,250.
Photos: Nebraska volleyball’s spring match vs. Denver in Kearney — May 4