NigelTufnel
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RE: Anybody notice this from Calkins?
(05-31-2016 04:54 PM)TIGERCITY Wrote: https://painttouches.com/2014/05/14/buzz...t-details/
Quote:...Of that $2.3 million, the base salary will be $500,00, plus supplemental compensation of 1.8 million for “services in media relations and Hokie Club appearances.” By comparison, at Marquette, his base salary was $1.8 million, with $1 million in other compensation. Additionally, his compensation will increases by $100,000 every year.
But that was already filtered. What wasn’t known and what is much more interesting are the terms of his buyout, should he be fired without cause. Last year, the media raked UCLA and Steve Alford over the coals for his buyout ($10.3 million in the first three years, and $5.2 million in the next two). Buzz’s makes that look paltry.
If he is fired without “good cause,” Virginia Tech will still pay him his full salary until the expiration of his term in 2021. I repeat, unless Buzz leaves for a different job, he will be getting a raise from VT every year until 2021. Here is a rough sketch of what those sums look like:
VT will pay however much is left on the contract from date of notice
18.2 million in first year
15.9 million in second year
13.5 million in third year
11 million in fourth year
8.4 million in fifth year
5.7 million in sixth year
But wait, there’s more. There is no language in his contract saying these payments will stop should he find another job. So take this scenario: Buzz fails to gain traction in the ACC and is fired in 2017, before the automatic extensions kick in, after three bottom-dwelling seasons. He will still get the $2.6 million that he would have made the following year, as is usual. But he remains a hot commodity and is hired by TCU for $900,000 a year in 2018. That means he will get a full salary from both institutions that year, the next and the one after as well, something rather unheard of. In other words, Buzz isn’t getting fired without cause. No chance whatsoever.
Buyouts cut both ways though. Usually when payouts for a fired coach are that high, the buyout to go coach somewhere else is ridiculously high. Take another former Marquette coach as an example. Tom Crean signed a lucrative contract extension in 2012 that severely altered the buyout terms. LateNightHoops reported on it last year, and we have verified it by obtaining a copy of Crean’s old and new contracts at Indiana. If Crean is fired before July 1st 2015, he would be owed $12 million. However, if he leaves for another job before July 1t 2015, he would owe IU $8 million.
Buzz’ buyout is nowhere near as high. Here are the terms:
$7 million in first year
$3.5 million in second year
$1.5 million in third year
$900k in fourth year
$500k in fifth year
$250k any year after
So if he kills it at VT and Oklahoma State or Texas comes calling after march 24th 2014, the buyout is only $3.5 million. That’s still high, but nowhere near as high as Alford of Crean, particularly in comparison to what he would be owed. Long story short, Buzz has all the power in this deal.
And then some.
Much like at Marquette, Buzz will have a rolling contract that automatically grants him a year extension should he make it to June 30, 2017. That’s a long time for a guy as restless as Williams is, but automatic extensions are a thing of beauty in the volatile environment of college athletics.
Here are some other random tidbits of interest:
-VT will pay for his initiation fees and membership to the Blacksburg Country Club, the obvious place to find a butcher, baker or candlestick maker.
-Bonuses
50k for winning the ACC “or conference with which the University is affiliated”
25k for winning conference coach of the year
25k for winning national coach of the year
Tournament bonuses (only one may apply)
25k for making NCAA Tournament
50k for making Round of 32
75k for making Sweet 16
100k for making Final Four
150k for winning the championship
50k for APR score 960 or higher
15k or team GPA of 2.6
20k for GPA of 2.75
25k for GPA of 3.0
-12 tickets to home games, 24 tickets to ACC Tourney games, 24 NCAA Tourney tickets
-12 tickets to home football games
-Budget of 725k to be split among 3 assistants. I’ve yet to confirm what Isaac Chew made at Marquette, but assume he took quite a haircut to follow Buzz to VT.
-Use of two new vehicles to be replaced every two years
-Two seats on the team plane for family members for road games or Tournament games
I'm guessing Justin Fuente didn't get a sweetheart deal like this one. After Josh's debacle of a contract, there was no way Memphis was going to sign off on something similar for Buzz.
And like someone else said, Buzz ain't done #$%# at Va Tech. Not to mention, someone told me the competition in the ACC is pretty tough in basketball.
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Anybody notice this from Calkins?
