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New Mexico inks Paul Weir to a six-year deal

This deal is less than what Craig Neal was earning.

The New Mexico Lobos made it official by hiring Paul Weir away from New Mexico State, and the new Lobos head coach signed a six-year deal that will escalate in base pay with the first year starting at $625,000 and the sixth year base pay will be $825,000 annually.

That amount is less than Craig Neal and even less than what the Lobos played Steve Alford just a few years ago. However, this pay for Weir is much more than he was making in Las Cruces where his base pay was $250,000 per year.

The contract has buyouts and bonuses built in, and here are the details from Geoff Grammer of the Albuquerque Journal.

If Weir leaves within the first three years he would owe New Mexico $500,000 and then in years four through six he would owe the Lobos $250,000.

On the flip side and if Weir were to be fired, he’d be owed his base salary of $300,000 of the current contract year plus $350,000 multiplied by the years left on the contract.

Bonuses:

• $10,000 MW title

• $10,000 MW tourney title

• $10,000 NCAA tourney auto bid

• $5,000 MW coach of year

• $10,000 MW title

• $10,000 MW tourney title

• $10,000 NCAA at-large tourney bid

• $5,000 MW coach of year

Here is Weir’s introductory press conference.