In 2008, the Cavalier athletic program was able to sign an 8 year, $11.8 Million contract with Nike, or about $1.48 million annually. Fortunately, for the athletic program and the school in general, the Hoos have gained some national relevance in numerous sports including baseball and soccer, but most notably, basketball.
The new contract, that was signed in April, but went in to effect July 1, was much more lucrative for the school. The new contract is worth a minimum of $35 million for 10 years, or about $3.5 million annually. Oddly enough, while the previous contract extension was published and acknowledged by the athletic department, this new contract appears to have been signed and enforced more covertly, even though this contract is much more lucrative for Virginia. This contract appears to have been obtained through an open-records request from The Daily Press' sports columnist, David Teel.
Even though most of the schools at UVa will wear Nike as their main jersey producer, baseball, lacrosse, and swimming will continue to have relationships with other companies. Baseball in particular is a flagship program for Rawlings and wears almost exclusively Rawlings apparel; save their cleats, which have been Nike in the past.
The new contract also gives performance incentives for many of UVa's programs. While none will break the bank for Nike or allow UVa to give out free shoes to all fans, there are some hefty amounts. No need to detail the football performance incentives, but Men's basketball could receive $5,000 for a Sweet 16 appearance, $10,000 for an Elite Eight appearance, and $25,000 for an appearance in the Final Four.
With the success the Men's and Women's soccer programs have had in recent years, Virginia was sure to mix both of those programs into the performance bonuses as well. Both teams could earn $5,000 for appearances in the NCAA Semifinals and another $5,000 for a National Title.
It will be interesting to see if this means Nike becomes more creative with the basketball or football uniforms. UVa fans have seen countless other teams outfitted with unique uniforms, while the Hoos have been outfitted with simple outfits. Most would probably just be happy with an appearance from the orange basketball jerseys.