By Keith Sargeant | NJ Advance Media for NJ.com

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NEW BRUNSWICK — Twenty-two months after taking over a Rutgers athletics department in turmoil, Pat Hobbs was financially rewarded for his work as Athletics Director on Thursday.

During a closed portion of Board of Governors meeting, Rutgers gave Hobbs a contract extension that is guaranteed through the 2021-22 season and could extend to 2023-24 and beyond.

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Photo by John Munson | NJ Advance Media for NJ.com

NJ Advance Media obtained the contract, which was signed by Hobbs and university President Robert Barchi on Tuesday and approved by the Board on Thursday.

Afterwards, Rutgers released a statement that read:

Reached by phone, Hobbs told NJ Advance Media: “I’m enormously appreciative of the confidence the Board and Dr. Barchi have placed in me with this contract. I’m proud of the work we’ve done together the last two years and look forward to continuing to build a program that Rutgers and the people of New Jersey can be proud of.”

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RELATED: A look at Hobbs' notable hires

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Photo by John Munson | NJ Advance Media for NJ.com

Base salary increase

The contract extension comes with an increase in base salary over his first three years, deferred compensation, and could soar past what the university President earns beginning in 2021-22.

Hobbs’ original contract called for a guaranteed base salary of $560,000. In 2016, Hobbs earned his maximum $50,000 bonus and grossed nearly $607,000, according to the university’s salary records.

Starting now, Hobbs’ base salary increases from $560,000 to $615,000. From July 1, 2018, through June 30, 2019, Hobbs’ base salary will be $625,000 and it increases to $635,000 in 2019-20.

In addition, Rutgers will annually credit Hobbs $100,000 in deferred compensation for each year of the contract, for as long as he’s employed as the AD.

Each academic year after 2019-20, Hobbs’ annual guaranteed base salary shall be no less than $635,000 but will adjust to the median salary of his peers in the Big Ten if that figure is higher than his current salary.

According to the website SportsInfo.pro, in 2016-17 the average salary for the 14 Big Ten ADs is $692,980.

That means Hobbs’ base salary over the next three years will be below what typical Big Ten ADs earn but will be adjusted to the median salary starting 2020 and beyond.

In 2016, Barchi earned a base salary of $676,260 and, after bonuses and other compensation, grossed $901,775.

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Bonuses

The new contract gives Hobbs the potential to earn more in bonuses based on both “athletic performance goals’’ and “academic/fundraising/program-integrity’’ goals. While the latter incentive shall not exceed 15 percent of his base salary in a given year — 15 percent of $615,000 is $92,250 — Hobbs can earn as much as $100,000 annually based on the success of the football, men’s basketball and women’s basketball teams.

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RELATED: Hobbs' fundraising goals for 2017

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Extensions

If Hobbs remains in good standing with the university after this academic year, the contract extends through the 2022-23 season.

If he’s still the AD after 2018-19, the contract extends through the 2023-24 campaign.

Beginning after the 2021-22 season, the contract will be extended for one additional year so that at no time will his contract have greater than three years or fewer than two years remaining.

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If fired...

If he’s fired without cause, Rutgers would be on the hook for Hobbs’ then-current base salary but no other amount for the remainder of the term of employment.

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The untold story of how ex-NBA commissioner David Stern became the unofficial 'senior advisor' to Rutgers' Pat Hobbs https://t.co/UCaomgxAfp — Keith Sargeant (@KSargeantNJ) January 28, 2017

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NJ Advance Media reporter Kelly Heyboer contributed to this report.

Keith Sargeant may be reached at ksargeant@njadvancemedia.com. Follow him on Twitter @KSargeantNJ. Find NJ.com Rutgers Football on Facebook.