Philip Rivers contract details, buyout revealed as NC State head coach

NC State and Philip Rivers agreed to a five-year, $17.05 million deal for the former quarterback to be the next head coach of the Wolfpack, according to a copy of his contract obtained through a public records request. Rivers’ contract was approved Friday by the NC State board of trustees. Rivers is due to make $3.25 million in his first year at NC State, and that figure will increase annually. There are also bonuses listed for postseason bowl games, including the College Football Playoff, and season win totals. If NC State was to fire Rivers without cause, his buyout would be the remaining annual salary at the time of termination multiplied by the number of full or partial years left on the deal at the time. Should Rivers choose to leave NC State on or before Dec. 31, 2027 or the final game of the 2027 season, he would have to pay the school $5 million. That figure would decrease by $1 million each year until Dec. 31, 2030. Rivers, a legendary quarterback in NC State history, has never been a college coach. He was previously the head coach at St. Michael Catholic High in Fairhope, Alabama, where he had a 50-22 record in six seasons. After being drafted in the first round in 2004, Rivers played 18 seasons with the San Diego and Los Angeles Chargers and the Indianapolis Colts. Rivers replaced longtime coach Dave Doeren, who was set to make $6.375 million this year. Though Doeren was the program’s all-time winningest coach, the Wolfpack never broke through to compete for an ACC championship. The Wolfpack had a 3-4 record when he was fired this fall in the midst of his 14th season.