Indiana University made a significant move on March 28, 2021, when Vice President and Director of Athletics Scott Dolson announced that former Hoosier All-American and Indianapolis native Mike Woodson would become the 30th head coach in the history of the men’s basketball program. Since taking the reins, Woodson has led the Hoosiers to a solid 63-40 overall record and a 31-29 mark in Big Ten Conference play.

Under his leadership, Indiana has achieved back-to-back NCAA Tournament appearances in his first two seasons, a feat the program had not accomplished since 2015 and 2016. Additionally, the Hoosiers reached the Big Ten Tournament semifinals in both seasons, marking a consistent level of postseason success. Notably, the team has also won at least one game in the Big Ten Tournament for three consecutive years—a streak Indiana last achieved from 2001 to 2004. As Mike continues to build on his success, many are curious about his financial standing. Here’s a closer look at Mike Woodson’s net worth and salary as Indiana head coach.

From Indiana legend to elite-paid coach

At 66 years old, Mike Woodson brought a wealth of experience and a deep connection to Indiana basketball. During his playing days, he left a mark on the program, ranking sixth on the school’s all-time scoring list with 2,061 points. His success extended beyond college, as he was selected 12th overall in the 1980 NBA draft.

Woodson enjoyed a prolific professional career, scoring nearly 11,000 points while playing for the New York Knicks, New Jersey Nets, Kansas City and Sacramento Kings, Los Angeles Clippers, Houston Rockets, and Cleveland Cavaliers. After retiring as a player, he transitioned into coaching in 1996, beginning a new chapter in his basketball journey.

Mike Woodson’s success in leading his alma mater back to consecutive NCAA tournament appearances during his first two seasons earned him a substantial raise. The Indiana head coach, who originally signed a six-year deal in 2021 worth just over $3 million annually, saw a significant boost in his salary.

As part of the updated agreement, Woodson received an additional $1 million per year for the remaining four years of his contract, bringing his annual earnings to $4.2 million. This adjustment made him the third-highest-paid men’s basketball coach in the Big Ten, trailing only Michigan State’s Tom Izzo and Illinois’ Brad Underwood.

In August 2023, Mike Woodson signed a contract amendment that not only increased his salary but also strengthened buyout protections. The agreement adjusted the university’s obligations in case of termination without cause, giving Indiana more flexibility while ensuring Woodson’s tenure remained secure.

Under his original contract, Indiana would have owed Woodson 100% of his remaining salary through March 31, 2025, and 50% thereafter if terminated. However, alongside his raise in the summer of 2023, he also gained an extra year of full buyout protection. If Indiana were to part ways with him, the school would now owe the full remaining guaranteed compensation — approximately $8.4 million, decreasing monthly — through March 30, 2026.

With an estimated net worth of $25 million, Woodson’s successful career as a player, coach, and basketball figure continues to reflect his influence and accomplishments in the sport.

A legacy built on excellence

Mike Woodson was born on March 24, 1958, in Indianapolis, Indiana, to Chester Lee and Odessa Woodson. Growing up as the second youngest of 12 children, he learned the value of hard work and determination early on. His remarkable contributions to basketball earned him widespread recognition, including inductions into the IU Athletics Hall of Fame in 1992 and the Indiana Basketball Hall of Fame in 2010.

Off the court, Woodson shares his life with his wife, Terri. Together, they have two daughters, Alexis and Mariah, both of whom followed in their father’s athletic footsteps, excelling as volleyball players at Georgia Tech. Alexis also played one season at IU, further strengthening the family’s ties to Indiana University.

Woodson’s coaching career spans over two decades, with 22 seasons in the NBA. He spent nine years as a head coach for the Atlanta Hawks and New York Knicks, building competitive teams along the way. His coaching journey, which began in 1996-97, saw him work with seven different franchises, making a lasting impact on each.

Throughout his career, Woodson led his teams to the playoffs five times, with three of those runs reaching the second round. He also played a key role in the Detroit Pistons’ coaching staff during their championship season in 2004, adding an NBA title to his impressive coaching resume.

Mike Woodson’s journey from a standout player to an elite coach has been marked by dedication and a deep connection to Indiana University. His leadership has brought the Hoosiers back to national prominence, and his financial achievements reflect the impact he continues to have in the basketball world.