Head coach Mike Krzyzewski of the Duke Blue Devils
In a landmark year that marked the end of an illustrious coaching career, Mike Krzyzewski was credited with just under $9 million in total compensation for 2022, according to Duke University’s latest federal tax returns. Krzyzewski, who retired as Duke’s men’s basketball coach after the 2021-22 season, saw a substantial portion of this amount stemming from bonus and incentive compensation.
The university’s tax documents, released on Wednesday following a request from USA TODAY Sports, reveal that Krzyzewski received over $5.9 million in bonuses and incentives for the calendar year. This figure represents the highest single-year bonus total reported for him by Duke, dating back to 2009. Historically, Krzyzewski’s annual bonuses ranged between $1 million and $3 million.
His total reported pay for 2022 also includes $1.2 million previously recorded as deferred pay on earlier returns, bringing his unduplicated net compensation for the year to approximately $7.8 million. From 2009 onwards, Krzyzewski’s net unduplicated compensation has totaled over $84.8 million, as per Duke’s financial disclosures.
Krzyzewski’s final season concluded with Duke advancing to the NCAA men’s Final Four, capping a career that boasts five national championships, 13 Final Four appearances, and an overall record of 1,202-368 over 47 seasons (1,129-309 in 42 seasons with Duke). He officially handed the reins to former assistant coach Jon Scheyer in April 2022, after Scheyer had been designated as his successor in June 2021.
In 2022, Krzyzewski was credited with nearly $2.4 million in base pay. For the 2021 calendar year, his last complete year as head coach, he earned nearly $3.5 million in base salary.
IRS regulations mandate that non-profit organizations, including colleges and universities, report employee compensation on a calendar-year basis, despite operating on a fiscal-year basis. Consequently, Duke’s latest return, covering the fiscal year ending June 30, 2023, reflects compensation for the 2022 calendar year.
In addition to his base and bonus pay for 2022, Krzyzewski was credited with over $600,000 in retirement and other deferred compensation. Post-retirement, he continues to serve Duke University in a new capacity, currently listed as “Ambassador to Duke University” on the athletics website.
Additional Highlights from Duke’s 2022 Financial Returns
- David Cutcliffe: The former football coach received nearly $4.4 million in severance pay in 2022. This follows the November 28, 2021 announcement that Cutcliffe and Duke had “reached a mutual agreement for separation.” The tax return did not specify if this amount covered the full severance package.
- Mike Elko: Then-head football coach was credited with just over $3.9 million in total compensation for 2022, including $3.5 million in base pay. After the 2023 season, Elko departed Duke to become Texas A&M’s head coach, with a term sheet indicating he will earn $7 million for the 2024 season. Texas A&M also paid a $5 million buyout to Duke for Elko’s contract.
- Jon Scheyer: In 2022, Scheyer earned $1.7 million in total compensation while transitioning from assistant coach to head coach. His earnings included approximately $860,000 in base pay and nearly $800,000 in bonuses and incentives.
Continuing Legacy
Mike Krzyzewski’s compensation for his final year underscores the immense value he brought to Duke University and college basketball at large. His legacy, punctuated by his remarkable financial earnings, extends far beyond the court, continuing to shape the future of Duke athletics and inspire the next generation of coaches and players.
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