(UPDATED with Ray Tanner press conference) #Gamecocks board finalizes two year extension for Martin with major changes to contract

USC men’s basketball coach Frank Martin had his contact extended for two seasons (SEC Provided)

USC men’s basketball coach Frank Martin, and the school’s board of trustees, Friday signed off on a revised contract which comes after weeks of political pressure to save Martin’s job. USC president Bob Caslen, according to sources, wanted to replace Martin after the season, but after some state senators implied funding for some university projects might be affected by a six million dollar buyout for Martin’s contract, enough members of the board refused to support Caslen in his move.

USC Athletics Director Ray Tanner said Friday afternoon he was never directed by Caslen to fire Tanner, but rather to undertake a review of the program. The result of his review was the reworked contract approved Friday.

Ray Tanner talks with the media after board meeting Friday afternoon

Martin gets a two year extension to his contract that now runs thru March 31, 2025. His total compensation of $3,300,000, which is where his salary will be after the 2022-23 season, will not change for the two additional seasons. If Martin is fired without cause after next season, his buyout would be three million dollars. For the next season, his buyout would be prorated to the point the university would owe him no buyout if fired after that season. And for the final two seasons of the revised contract, there would be no buyout. If Martin terminates the contract himself, he does not face a buyout owed to the university.

Here are the contract details released by USC:

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