UNM LOBOS BASKETRBALL
UNM, Eric Olen agree on new five-year contract
New contract for men's basketball coach runs through 2031, includes a $100,000 retention bonus and increases by $1 million the buyout if he leaves UNM
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The University of New Mexico and men鈥檚 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.
鈥淭his past year has been an amazing experience for me and my family,鈥� Olen said. 鈥淚t鈥檚 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鈥檓 excited to build on that foundation.鈥�
The new deal, not an extension of the old contract, runs through the 2030-31 season.
Olen鈥檚 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鈥檚 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. Had UNM and Olen not reworked the contract, he would have owed $2,025,000 had he left after this next season.
Olen鈥檚 new deal is not unlike the new contract UNM football coach Jason Eck received after his successful first season.
In both cases, power-conference programs were swooping in to try to lure the coaches away, and in both cases, UNM chose to invest unprecedented sums to retain the coaches (and their assistant coaching staffs).
The moves come after former football head coach Bronco Mendenhall and former men鈥檚 basketball head coach Richard Pitino left for more money at Utah State and Xavier, respectively, in the 2024-25 seasons.
Asked about the decision on that investment in Eck and Olen, new Vice President for Athletics Ryan Berryman, who has been in contract talks with Olen and his agent since Berryman became interim AD in January, said it was time to double down on the program鈥檚 two most high-profile programs to lift the department as a whole.
鈥淚t has been a transformational couple of years for college athletics both nationally and locally here at UNM,鈥� Berryman told the Journal. 鈥淥ur program is riding a wave of incredible momentum on the heels of immense success, which has influenced how people perceive our University and athletic department.
鈥淎 rising tide lifts all boats 鈥� and we are confident in the leaders we have in place and their ability to develop student-athletes and represent our state and our university with great pride.鈥�
UNM is set to pay Olen $7.25 million over five years, with his annual compensation increasing each year. That averages out to an annual compensation of $1.45 million.
Notably, no UNM men鈥檚 basketball coach in at least 45 years has completed the terms of their contract 鈥� though that isn鈥檛 unusual in the current landscape of college athletics
Olen was set to make $1.25 million this season.
鈥淲hat Eric accomplished this season 鈥� building a 26-win program from the ground up, with no returning players, no returning staff 鈥� is a reflection of exceptional leadership and culture-building,鈥� said UNM President Garnett Stokes. 鈥淟obo Basketball is one of the most visible expressions of who we are as a university, and I鈥檓 grateful that Eric and his family are committed to this community for years to come.鈥�
What鈥檚 the deal?
The Journal has obtained Olen鈥檚 new contract and compared it to his first.
Like his old contract, the new deal for Olen features a base salary of $400,000 per year. This year (the contract year runs through March 31, 2027), he will also be paid $425,000 for media obligations with UNM鈥檚 media rights partners (this is for pre- and post-game shows and weekly coaches shows on radio and TV through the university), and $425,000 for 鈥減rogram promotion,鈥� which essentially is payment for saying the right things, attending booster and donor functions and being available for various events the athletic department or university might ask him to take part in.
Here are some key differences in the two contracts:
Contract comparisons
| Contract year | Old contract salary | New contract salary | Buyout if Olen leaves (old) | Buyout if Olen leaves (new) |
| 2026-27 | $1,250,000 | $1,350,000* | $2,025,000 | $2,950,000 |
| 2027-28 | $1,300,000 | $1,400,000* | $1,100,000 | $2,250,000 |
| 2028-29 | $1,350,000 | $1,450,000 | $560,000 | $1,220,000 |
| 2029-30 | $1,400,000 | $1,500,000 | $0 | $620,000 |
| 2030-31 | n/a | $1,550,000 | n/a | $0 |
*$100,000 retention bonus in each of first two years of new contract.
His salary for the first seasons technically doesn鈥檛 change from what it would have been for the 2026-27 and 2027-28 seasons, but a $100,000 retention bonus for both seasons means there was a raise for each of the next two years.
All bonuses or incentive payment details appear to have stayed the same as the first contract, which include such things as $50,000 bonus per NCAA Tournament win, a $25,000 bonus for making the NCAA Tournament and bonuses for the team finishing within the top 50 or top 25 of the final KenPom computer rankings ($25,000 or $50,000 bumps, respectively).
Reach Geoff Grammer at ggrammer@abqjournal.com or follow him on Twitter (X) .
