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re: Has a major program ever retained a coach with zero support because of the buyout cost?
Posted on 10/23/22 at 11:32 am to deeprig9
Posted on 10/23/22 at 11:32 am to deeprig9
quote:
Buyouts are typically reduced by whatever that coach ends up making in their next job. So if your buyout is 10m a year for five years, and your next job is 4 m, then only 6m is owed. Also, there are clauses that require you to seek employment, you can't do what Ed O did, that was a special agreement and not typical.
Therefore, don't look at that buyout number for a coach as something you necessarily have to pay. Jimbo's could be different, I'm just commenting in general.
Jimbo's contract does not have an offset clause like that, he is literally owed the full buyout no matter what. So he could get canned at A&M and retire, while still getting paid 25% of his full remaining contract within 60 days of his termination - then yearly payments up until 2030 or whenever his current contract expires.
Posted on 10/23/22 at 11:45 am to RazorBroncs
quote:
Jimbo's contract does not have an offset clause like that, he is literally owed the full buyout no matter what. So he could get canned at A&M and retire, while still getting paid 25% of his full remaining contract within 60 days of his termination - then yearly payments up until 2030 or whenever his current contract expires.
Holy frick
What the hell was A&M thinking? Not a single lawyer or accountant stepped in and said "This is fricking insane, we're not doing this ".
Please tell me there's something in the fine print that allows for reducing the buyout obligation.
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