Mike Woodson is the head coach of his alma mater, the Indiana Hoosiers for the 2023–24 season. A former 11-year NBA star, Woodson, was picked 12th in the 1980 NBA draft by the New York Knicks. From the Knicks to the Cavaliers, Clippers, Nets, 76ers, Rockets, and Kings, he made waves, playing 13 NBA playoff games over five seasons.
He played collegiate basketball from 1976 to 1980 under the infamous coach Bob "the General" Knight. Woodson was a two-time NABC All-American in 1979 and 1980, followed by the 1980 Big Ten Player of the Year. Before being drafted, he already had 10,981 points with a 14-point per game average and more than 1800 assists and rebounds.
Woodson's coaching career began in 1996 with the Bucks, but his turning point came with the Atlanta Hawks in 2004. During his six years as head coach, he led the team to three postseason trips in his final three years in charge. After that, he led the New York Knicks for three seasons, winning the Atlantic Division and making it to the playoffs twice.
After joining the Hoosiers, Woodson coached the squad to two NCAA tournament appearances in 2022 and 2023. The Hoosiers have won five NCAA tournaments: 1940, 1953, 1976, 1981, and 1987, with the last three coming under Bob Knight. Surprisingly, the Hoosiers' 32-0 undefeated record from 1976 has yet to be matched after nearly 50 years.
| Name | Michael Dean Woodson |
| Net Worth | Estimated $12 million |
| Age | 65 years old (March 24, 1958) |
| Height | 6 feet 5 inches (196 cm) |
| Weight | 102 kg (225 lbs.) |
| Residence | Bloomington, Indiana |
| Education | Broad Ripple High School; Indiana University Bloomington |
| Position | Head Coach for Indiana Hoosiers |
| Marital Status | Married (reportedly Terri Woodson) |
| Source of Wealth | Basketball Coach |
| Salary | $4.2 million |
| Endorsements | N/A |
| Endorsements Earnings | N/A |
Mike Woodson’s Net Worth
Mike Woodson’s net worth is estimated to be $12 million as of January 2024. The main source of his net worth is his coaching career, with a few additional incomes from his NBA career and endorsements. But there is not a lot of information available about his NBA career earnings.
Mike Woodson’s Career Earnings
As per a few online sources, Mike Woodson earned more than $650,000 in 1990-91, but no further information is available. Similarly, his previous coaching earnings are also not available, but since signing with the Hoosiers until the conclusion of 2023, he has approximately earned $9 million.
Mike Woodson’s Salary
Mike Woodson’s current salary is $4.2 million, one of the third highest in the Big Ten. Previously, his annual salary was $3 million, as per the original deal of 2021.
Mike Woodson’s Contract
Indiana and Woodson reached an agreement on a six-year deal worth $18 million, or $3 million annually, in 2021. But in mid-2023, his salary increased by a million to $4.2 million, as reported by NBC Sports.
For the first four years, his buyout was set at 100% of his remaining contract; for the last two, it was set at 50% of his guaranteed income. Of Woodson's yearly salary, the school will cover $550,000 of it, and $2.45 million will come from additional compensation, which includes a marketing and promotional budget.
Woodson will receive bonuses under the terms of the contract, including:
$250,000 is awarded for the NCAA title win
$175,000 to get to the NCAA championship game
$125,000 for the Big Ten regular-season title
$125,000 for making it to the Final Four
$100,000 for placing among the Big Ten's top three
$50,000 for AP
$50,000 for Big Ten Coach of the Year
$50,000 for Big Ten Tournament victory
$35,000 for making it to the Sweet 16
$50,000 for making it to the Elite Eight
$25,000 for making it to the NCAA Tournament
Furthermore, if the team earns a multi-year Academic Progress Rate (APR) of 950 or above on June 30 of each contract year, they will be eligible for a $100,000 academic reward.
Additional perks include priority level season tickets, a courtesy car, $50,000 in relocation expenses, $10,000 in Adidas merchandise orders, and membership to the school's Pfau Golf Course.
Mike Woodson Contract Breakdown
| Year | Base-Salary | Signing Bonus | Cap Hit | Dead Cap | Yearly Cash |
| 2021 | $3 million | - | - | - | $3 million |
| 2022 | $3 million | - | - | - | $3 million |
| 2023 | $3 million | - | - | - | $3 million |
| 2024 | $4.2 million | - | - | - | $4.2 million |
| 2025 | $4.2 million | - | - | - | $4.2 million |
| 2026 | $4.2 million | - | - | - | $4.2 million |
Mike Woodson’s Contract History
Mike Woodson’s contract history with other institutions is as follows:
1996–1999: Milwaukee Bucks (Assistant Coach)
1999–2001: Cleveland Cavaliers (Assistant Coach)
2001–2003: Philadelphia 76ers (Assistant Coach)
2003–2004: Detroit Pistons (Assistant Coach)
2004–2010: Atlanta Hawks (Head Coach)
2011–2012: New York Knicks (Assistant Coach)
2012–2014: New York Knicks (Head Coach)
2014–2018: Los Angeles Clippers (Assistant Coach)
2020–2021: New York Knicks (Assistant Coach)
2021–present: Indiana Hoosiers (Head Coach)
FAQ's On Mike Woodson Net Worth, Salary and Contract
A. Mike Woodson's net worth is estimated to be $12 million as of January 2024.
A. Woodson's original base salary was $3 million when he signed with the Indiana Hoosiers in 2019.
A. Yes, in August 2023, Woodson received a raise, making his yearly average salary $4.2 million, the third highest in the Big Ten.
A. Benefits include academic incentives, merchandise orders, moving expenses, a courtesy car, and membership to the school's golf course.
A. Woodson's current coaching contract with the Indiana Hoosiers is a six-year deal, signed in the 2021–2022 season, which will end in the 2026–27 season.
