By R.L. Bynum

Steve Newmark is set to earn $600,000 during the upcoming school year before his salary increases to $1 million when he officially takes over as North Carolina’s athletics director on July 1.

As previously announced, the contract signed July 23, which runs through Aug. 14, 2030, calls for Newmark to serve as executive associate director of athletics while Bubba Cunningham remains athletics director for the upcoming school year.

Newmark, formerly president of Roush Fenway Keselowski Racing, is tasked with overseeing revenue-generating initiatives, sponsorships, strategic partnerships, and high-profile programs. His contract also gives him strategic oversight of football as well as men’s and women’s basketball. He will receive $50,000 in deferred compensation for every quarter he remains employed.

The deal includes a detailed incentive package:

$100,000 for winning the College Football Playoff championship or the men’s basketball NCAA title.
$75,000 for reaching the CFP championship game, the men’s Final Four, or winning the women’s basketball NCAA title.
$50,000 for a CFP semifinal appearance, the men’s Sweet 16, the women’s Final Four, or winning an ACC title in football or men’s basketball.
$35,000 for reaching the ACC football championship game, advancing to the women’s Sweet 16, or winning the women’s basketball ACC regular-season or tournament championship.

For all other sports, bonuses include:

$5,000 for an ACC regular-season or tournament championship.
$2,500 for an NCAA tournament berth.
$25,000 for an NCAA championship.

Additionally, Newmark earns $20,000 if UNC finishes in the top 10 of the Director’s Cup and $40,000 for a top-5 finish — feats the school routinely accomplishes.

Read the contract below.