Home
Forums
New Posts
Illini Basketball
Illini Football
Sports Talk
Log in
Register
What's new
Menu
Log in
Register
Install the app
Install
Forums
Sports
Illini Football
Lovie Smith receives 2-year contract extension through 2023
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="ChocolateThunder" data-source="post: 1431571" data-attributes="member: 746098"><p>I know very little about the economics of the athletic programs, where does buyout money come from? For example:</p><p></p><p>On a warm, sunny day last month (2016) at the University of Iowa, head football coach Kirk Ferentz wore a white shirt and gold-striped tie to a special announcement about his future. He had just signed the deal of a lifetime — the biggest contract of his life, with enough guarantees to make him a rich man well into his retirement, win or lose.</p><p></p><p>The new contract included several generous provisions:</p><p></p><p>► Even if he’s fired after this season for not winning enough games, the 61-year-old Ferentz would be owed more than $25 million, payable in monthly installments until 2026.</p><p></p><p>► He’s guaranteed an additional $22 million from 2021 through 2025 if he sticks around and wins at least seven games each season through 2020. It wouldn’t matter if he’s dismissed in 2021 after finishing 0-12.</p><p></p><p>► If that’s not enough, those guarantees wouldn’t even be reduced if Iowa fired him and he took a lucrative new job somewhere else.</p></blockquote><p></p>
[QUOTE="ChocolateThunder, post: 1431571, member: 746098"] I know very little about the economics of the athletic programs, where does buyout money come from? For example: On a warm, sunny day last month (2016) at the University of Iowa, head football coach Kirk Ferentz wore a white shirt and gold-striped tie to a special announcement about his future. He had just signed the deal of a lifetime — the biggest contract of his life, with enough guarantees to make him a rich man well into his retirement, win or lose. The new contract included several generous provisions: ► Even if he’s fired after this season for not winning enough games, the 61-year-old Ferentz would be owed more than $25 million, payable in monthly installments until 2026. ► He’s guaranteed an additional $22 million from 2021 through 2025 if he sticks around and wins at least seven games each season through 2020. It wouldn’t matter if he’s dismissed in 2021 after finishing 0-12. ► If that’s not enough, those guarantees wouldn’t even be reduced if Iowa fired him and he took a lucrative new job somewhere else. [/QUOTE]
Verification
Post reply
Forums
Sports
Illini Football
Lovie Smith receives 2-year contract extension through 2023
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…