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Pittman did well with the new Contract..
Posted on 6/2/22 at 3:02 pm
Posted on 6/2/22 at 3:02 pm
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The new contract makes Pittman the highest-paid head coach in Arkansas history. Bret Bielema previously held that distinction at $4.2 million, which was slightly higher than basketball coach Eric Musselman's $4 million deal. Technically, his annual salary is $500,000 with 'other compensation' for speaking engagements, television and radio appearances, sponsorships and whatnot that amount to an additional $4.5 million.
The contract includes bonuses for certain achievements. Pittman will be awarded a bonus (non-cumulative) of $250,000 if the program wins seven or more games, $500,000 for eight wins and $750,000 for nine. Each level was bumped up one win from the previous deal. For his old contract, he got a $250,000 bonus for six wins, not seven.
"For clarity and by way of example, in the event the Program wins eight (8) Games in the 2022 season, one (1) additional contract year will be added to the Term, and the Other Compensation amounts for contract years 2023, 2024, 2025, 2026, and 2027 shall each increase by $500,000.
In addition:
Retention Payment. In addition to Coach's Annual Salary and Other Compensation, Coach shall be eligible for up to three (3) retention payments ("Retention Payment(s)"). Subject to all applicable state and federal tax reporting and withholding requirements, the Retention Payments shall be payable on (i) December 31, 2024, (ii) December 31, 2026, and (iii) in the event the Term is extended pursuant to Section 1, December 31, 2027. The Retention Payments shall be paid to Coach in a lump sum in the following amounts:
Effective Date - December 31, 2024 $3,300,000
January 1, 2025 - December 31, 2026 $2,700,000
January 1, 2027 - December 31, 2027 $1,500,000 (If the Term is extended pursuant to Section 1)
The Retention Payments listed above account for the additional compensation Coach is eligible to accrue each contract year, as follows: (i) $1,000,000 for the 2022 contract year, (ii) $1,100,000 for the 2023 contract year, (iii) $1,200,000 for the 2024 contract year, (iv) $1,300,000 for the 2025 contract year, (v) $1,400,000 for the 2026 contract year, (vi) and $1,500,000 for the 2027 contract year (if the Term is extended pursuant to Section 1).
The new contract makes Pittman the highest-paid head coach in Arkansas history. Bret Bielema previously held that distinction at $4.2 million, which was slightly higher than basketball coach Eric Musselman's $4 million deal. Technically, his annual salary is $500,000 with 'other compensation' for speaking engagements, television and radio appearances, sponsorships and whatnot that amount to an additional $4.5 million.
The contract includes bonuses for certain achievements. Pittman will be awarded a bonus (non-cumulative) of $250,000 if the program wins seven or more games, $500,000 for eight wins and $750,000 for nine. Each level was bumped up one win from the previous deal. For his old contract, he got a $250,000 bonus for six wins, not seven.
"For clarity and by way of example, in the event the Program wins eight (8) Games in the 2022 season, one (1) additional contract year will be added to the Term, and the Other Compensation amounts for contract years 2023, 2024, 2025, 2026, and 2027 shall each increase by $500,000.
In addition:
Retention Payment. In addition to Coach's Annual Salary and Other Compensation, Coach shall be eligible for up to three (3) retention payments ("Retention Payment(s)"). Subject to all applicable state and federal tax reporting and withholding requirements, the Retention Payments shall be payable on (i) December 31, 2024, (ii) December 31, 2026, and (iii) in the event the Term is extended pursuant to Section 1, December 31, 2027. The Retention Payments shall be paid to Coach in a lump sum in the following amounts:
Effective Date - December 31, 2024 $3,300,000
January 1, 2025 - December 31, 2026 $2,700,000
January 1, 2027 - December 31, 2027 $1,500,000 (If the Term is extended pursuant to Section 1)
The Retention Payments listed above account for the additional compensation Coach is eligible to accrue each contract year, as follows: (i) $1,000,000 for the 2022 contract year, (ii) $1,100,000 for the 2023 contract year, (iii) $1,200,000 for the 2024 contract year, (iv) $1,300,000 for the 2025 contract year, (v) $1,400,000 for the 2026 contract year, (vi) and $1,500,000 for the 2027 contract year (if the Term is extended pursuant to Section 1).
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Posted on 6/2/22 at 4:30 pm to Razorback Reverend
While Sam is making more than Muss right now, his ceiling is higher than Sam because the potential is higher in basketball. If Muss can get multiple final fours and a NC within a certain time span then I don't see Sam keeping up. That is if Sam has reached a dead end or he keeps surprising everyone by getting Arkansas to a level of winning not seen in decades.
Posted on 6/2/22 at 5:24 pm to Razorback Reverend
Am I reading this right?
So, if Pitt wins 9 games in the 2024 season, he will basically make $9.5M+, when you include the Retention Bonus?
$5.5M- base
$750K - 9 game win bonus
$3.3M - Retention bonus
And that doesn't include a possible big name bole game appearnece bonus.
But then next year, if he wins the same amount he will make only about $6M, right?
This contract is all over the place, but it does place a premium on stability and winning. That a hell o LF a lot better than paying Bert's drunken arse $12M to be fired...
So, if Pitt wins 9 games in the 2024 season, he will basically make $9.5M+, when you include the Retention Bonus?
$5.5M- base
$750K - 9 game win bonus
$3.3M - Retention bonus
And that doesn't include a possible big name bole game appearnece bonus.
But then next year, if he wins the same amount he will make only about $6M, right?
This contract is all over the place, but it does place a premium on stability and winning. That a hell o LF a lot better than paying Bert's drunken arse $12M to be fired...
This post was edited on 6/2/22 at 5:25 pm
Posted on 6/2/22 at 7:01 pm to Jack Ruby
Agree that it’s a lot better than giving free money. And as far as low-balling within the next couple - if Pittman takes us to the next level, I think that HY has proven he’s more than willing to negotiate based on performance.
Posted on 6/5/22 at 11:30 am to Razorback Reverend
Two years from now I'm willing to bet Pittman's contract looks like a steal even if we go into the toilet. SEC Head Coach salaries are going to get redonkulous in the next couple of years as people renegotiate deals.
SEC schools are flush with cash when it comes to sports and football is king. ADs are going to pay out the nose for what they think are good coaches.
SEC schools are flush with cash when it comes to sports and football is king. ADs are going to pay out the nose for what they think are good coaches.
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