Virginia, Nike strike up a 10-year extension

Student-athletes at the University of Virginia will continue to wear the Nike Swoosh over their jerseys for the next 10 years, thanks in large part of the university and Nike shaking hands on a partnership worth $35 million, according to an article from Daily Press.

A deal was struck when the Cavaliers’ current contract (11 years, $11.8 million) with Nike, which underwent several revisions, was set to expire next year.

Terms and Conditions

$2 million signing bonus

$500,000 cash annually for each of the 10 years

$2.5 million in apparel for the first three years

$2.75 million in apparel for the second three years

$3 million in apparel for the third three years

$3.25 million in apparel for the final year

Along with the aforementioned details, the renewal also released additional disclosures pertaining to performance bonuses:

Football: $10,000 for non-playoff bowl with a payout of at least $3 million, $25,000 for the College Football Playoff semifinals, $50,000 for the CFP title game, $100,000 for the national title. The previous football bonuses were $15,000 for a tier one bowl, $25,000 for a Bowl Championship Series game and $25,000 for a national championship

Men’s basketball: $5,000 for the Sweet 16, $10,000 for the Elite Eight, $25,000 for the Final Four

Women’s basketball: $5,000 for the Sweet 16, $10,000 for the Final Four

Men’s and women’s soccer: $5,000 for the NCAA semifinals, $5,000 for the national title

Men’s lacrosse: $2,500 for the Final Four, $5,000 for the national championship

While the Cavaliers are only supplemental on the gridiron, the institution compensates for a massive market in soccer, baseball and men’s and women’s lacrosse, while emerging as contenders in men’s college basketball in the last two seasons.

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*Featured Photo (above) credit to USA TODAY Sports