Ed Cooley — PC’s Mega-Million Dollar Man, "He Transcends Sports"

Ed Cooley — PC’s Mega-Million Dollar Man, "He Transcends Sports"

The stakes were high for Providence College. Ed Cooley is the public face of the college and it was critical that the college keep him when Big Ten powerhouse University of Michigan came knocking to hire him to be their new basketball coach.

It is big business. Michigan’s athletic program generates the fourth most revenue of any college programs in America — $185,173,187 annually.

Now, Cooley after a second contract extension in three years, is slated to earn between an estimated $30 and $40 million over the course of his new contract with Providence College -- estimated to be 10 years.

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For Providence College and the state of Rhode Island, he is more than just the sports.

"Ed Cooley, and all the coaches at Providence College, play a significant role in our Athletic Department and the College.  They represent the College and help to educate and mentor our student-athletes.  As the head coach of our men’s basketball team, Ed has become an important ambassador for Providence College.  He has done this with an incredible amount of dignity and poise over the last eight years.  We feel blessed to have such a dynamic individual leading our men’s basketball team representing Providence College," said Bob Driscoll, Associate vice president for athletics and athletics director.

Skinner on Cooley

Cooley’s mentor and close friend Al Skinner tells GoLocal that the difference between Cooley and others is, “He likes to give back. He has made the program a national program again, and yes, he is the stability.”

Cooley served as one of Skinner’s assistant coach both at the University of Rhode Island and at Boston College. 

Skinner, when asked if PC will have to fight off suitors every year for Cooley, said, "Why can't it be the destination?"

“He has a love for Providence. He wants to make the community better,” said Skinner. 

“People in Rhode Island appreciate him. He transcends all the different communities in Rhode Island," said Skinner in a phone interview from South Carolina.

“Even [Rick] Pitino was an immigrant to Rhode Island. He was not from there. But, Cooley grew up there,” said Skinner.

Cooley’s support runs deep. Providence College great and former NBA player Joe Hassett says, “Cooley may be one of the most desirable coaches to try and hire in the country.”

“He has revived the program,” said Hassett who also serves as the radio announcer for the Friars.

The numbers for Cooley are staggering in a program that has featured two of college basketball’s most successful coaches — Joe Mullaney and Hall of Fame Dave Gavitt.

Success Drives Success

In March of 2016, Cooley received a major upgrade and a long-term extension of his contract.

"We feel this contract extension is an important part of the process in continuing to build our basketball program. Ed has done so much for the College and the athletics department. He indicated to us that he wants to finish is coaching career at Providence College and he is the person we want to guide our men's basketball program. We are thrilled that Ed will be a Friar for life," said athletics director Bob Driscoll in a statement issued by PC in 2016.

In 2016, Cooley earned $2.457 million in salary and an additional $148,322 in additional compensation according to Providence College documents.

"Winning simply matters," said Skinner.

Former PC star Ruben Garces says keeping Cooley for the long-term is critical, “I think very important for the continuation of the program that he already has in place.”

“I tell you what, I would like to see more basketball lifestyles around him. Coaches that actually played the game at the highest level and maybe created a culture like Duke and UNC of having formers players on his staff,” added Garces who played for Providence from 1995 to 1997 and then played in the NBA.

In April, The Wall Street Journal published the annual report of the monetary value of college basketball teams. The report is conducted by Ryan Brewer, an associate professor of finance at Indiana University-Purdue University Columbus.

“Kentucky leads the country with a valuation of $334.2 million, according to an annual study by Ryan Brewer, an associate professor of finance at Indiana University-Purdue University Columbus. This is Kentucky’s third straight year atop the rankings, while its value shot up 35.5% over a year ago,” wrote the Wall Street Journal. 

The Friars come in at the 56th most valuable team. PC’s value is $46 million — up an impressive 40 percent over 2018.

The Numbers on the Court

For Providence, Cooley’s numbers may stand out in an NCAA basketball reality in which over 300 teams compete and nearly every gammon televised.

Cooley has been at Providence since 2011 and has led the program to five NCAA Tournament appearances in eight seasons and a Big East Championship title. This past season, Providence went 18-16 overall and 7-11 in the Big East.

The Friars made it to the NIT where they lost in the first round to Arkansas at the Dunkin’ Donuts Center.

In eight seasons at Providence, he has led the program to a 162-110 record.

GoLocalProv named Cooley RI's "Man of the Year" in 2019.

The story was updated at 1:00 PM on 5/24/19.