UPDATED W/ VIDEO: Missouri State extends Cuonzo Martin’s contract through 2015

Missouri State University and men’s basketball coach Cuonzo Martin just exchanged some job security.

After just two seasons and a 35-32 record, MSU gave Martin a five-year extension today, keeping the Bears coach under contract until after the 2014-15 season. Martin’s total compensation package will hover close to $300,000, thanks to a $140,000 base salary and other compensation stemming from TV and radio shows, as well as promotional compensation from Missouri State Foundation funds. Martin is also eligible for payments based on team performance. The package seems to be the exact same dollars as his original contract through 2012-13, which was $100,000 more than Barry Hinson’s.

But here is my favorite nugget from the press release:

Under the terms of the extension, if Missouri State cancels Martin’s contract without cause, it is responsible for compensating him with a monthly base pay times the number of months remaining on the contract. Likewise, should Martin cancel the contract to take another head coaching position, he will pay the University a cancellation fee, based on the number of years remaining on the agreement. The cancellation fee, which is a significant change in Martin’s contract, is $250,000 for the first year and decreases annually by $50,000. The cancellation clause is a significant change to the new contract.

Juicy, indeed.

MSU looks to be betting financially on Martin and the upcoming season. This extension reminds me of one of those Major League Baseball deals that buys out a player’s arbitration years and gives him money when he may not yet have deserved it, yet looks like pure genius down the road when they’re paying pennies on what should be dollars. Also, this feels like the administration is trying to convince Martin to stay after what should be a solid 2010-11 season, but if he does jump for a bigger school, the Bears could stand to make some money and essentially pay the next coach for free. Plus, a little loyalty never hurt anyone, especially in the court of public perception.

In two seasons, Martin is 35-32, including last year’s 24-12 record and a CollegeInsider.com Postseason Tournament championship. MSU Sports Information stud Rick Kindhart also points out that MSU’s 19 home victories tied Kansas for the national lead. (Four of those came in the CIT.)

“By investing in our basketball program and doing everything in our power to retain our quality coaching staff, our most profitable programs now have the personnel in place to be successful well into the future,” said Kyle Moats, Missouri State Director of Athletics. “As we deal with the difficult budget situation, we not only have to focus on the expense side, we also havae to enhance our revenues. We believe solidifying our men’s basketball staff is one of the best ways to increase our long-term revenues.”

The agreement also increases the bank accounts of Martin’s assistants. Jon Harris and Steve Woodberry get $1,000 increases to bring the salaries to $70,116. Kent Williams gets a $15,000 boost to bring his salary to $60,954 and Trevyor Fisher gets a $1,500 boost to $28,616

UPDATED: Martin met with the media this afternoon and here is the conversation. Enjoy the soothing sounds of KOLR 10′s Dan Lucy lead the conversation. In typical fashion, Martin spoke very softly and deeply. He also spoke about Michael Porter’s recovery process. Crank the volume up.