Tag:Contract Extensions
Posted on: December 9, 2011 9:04 pm
Edited on: December 9, 2011 9:05 pm

Art Briles gets a contract extension

Posted by Tom Fornelli

One name that I haven't heard come up nearly as often in coaching rumors this season is Baylor's Art Briles. Not because I felt he'd be looking to leave Waco, but I figure plenty of schools had surely noticed what he's done with the program and would like to pry him away.

A task that just got a lot harder to do.

On Friday evening it was reported in the Houston Chronicle that Briles had agreed to an extension and raise in salary at Baylor. The details of Briles' new deal aren't known at this point, but it's rumored that he'll be making somewhere in the area of $2.5 million in 2012. Or as much as Charlie Weis just got from Kansas. Either way, compare that salary to the roughly $1.5 million that Briles earned in 2011, and it's a nice raise.

Briles is only 24-25 at Baylor, but is coming off a 9-3 regular season and the team is a bowl victory away from having its first 10-win season since 1980. Considering the state of the Baylor program when Briles first came aboard, it's a pretty remarkable turnaround.
Posted on: August 27, 2011 12:10 pm

Les Miles' contract extension is official

Posted by Tom Fornelli

The timing seems a bit off considering what's been going on at LSU in the last week with the arrests of Jordan Jefferson and Josh Johns, along with the suspension of Russell Shepard, but the contract extension Les Miles agreed to back in January was made official by the LSU board on Friday

"We are pleased to finalize and recommend this amendment to the contact for Les Miles and present it to the Board of Supervisors for their approval," said LSU athletic director Joe Alleva before the deal was approved on Friday.  "It is important to maintain long-term stability in a program and the goal at the outset of this process was to establish Coach Miles as the leader of our football program for that long-term stability."

While the new deal will not give Miles a raise in his base pay, it does make sure he's likely going to be in Baton Rouge for a while. Aside from Miles contract being extended from 2014 through 2017, the deal also makes firing Miles without cause an incredibly expensive proposition for LSU. Under his old deal the school would have owed Miles $11.2 million, but now if LSU fires Miles without cause in the first year of the deal, it will cost the school $18.7 million.

Though that number does decrease with each year of the contract completed.

Miles also will receive greater bonuses for conference championships and bowl victories. 
Posted on: July 22, 2011 4:04 pm
Edited on: July 22, 2011 4:08 pm

Mike Sherman gets a contract extension

Posted by Tom Fornelli

While we don't really know what to think of the future of the Texas A&M football program as far as where it will be playing its football in the coming years, we do know something about what tomorrow holds for the Aggies. Wherever the school ends up playing, it's likely Mike Sherman will be there.

The school announced on Friday that it had given Mike Sherman a contract extension along with a $400,000 pay raise. The extension adds one year to the four years remaining on Sherman's current deal, and bumps his pay up to $2.2 million annually, which makes him the fourth-highest paid coach in the Big 12.

“Coach Sherman has done an outstanding job of directing our football program and is one of the top football coaches in the country,” A&M athletic director Bill Byrne said in a statement. “Not only has our team improved on the field, but under Coach Sherman’s direction the overall football team has embraced the values and virtues of Texas A&M University.” 

Through three seasons in College Station Sherman's record is the epitome of mediocrity, as the Aggies have gone 19-19 in that time, but they are coming off of a 9-4 season and an appearance in the Cotton Bowl. It's also possible that the team will start the season ranked in the top ten, and is considered to be one of the favorites in the Big 12 this season. 

Posted on: April 23, 2011 8:30 pm
Edited on: April 23, 2011 8:31 pm

Bo Pelini has a new contract

Posted by Tom Fornelli

Nebraska will be making the move to the Big Ten in 2011, and it looks like head coach Bo Pelini will be making the move with a brand new contract. According to the Lincoln Journal Star, Pelini is now working under a new deal that begain on March 1. While the new contract only adds one year to the deal Pelini had been coaching under it also sees Pelini getting a bump in pay.

In fact, with the new raise, Pelini will now be the third-highest paid head coach in the Big Ten, trailing only Ohio State's Jim Tressel and Iowa's Kirk Ferentz.

Under terms of a deal that became effective March 1, the fourth-year Nebraska head coach's annual base salary increased to $2.775 million, a raise of $425,000 from his 2010 contract. Under the new five-year deal, Pelini's base salary will escalate $100,000 annually, reaching $3.175 million in 2015.

The length of Pelini's contract was extended one year, and his performance bonuses increased significantly. The new deal also more than doubles the amount NU would owe Pelini if he is fired.

Pelini also had a clause removed from his former contract that would have seen him receive a $500,000 bonus should he still be coaching the team in 2015. Nebraska athletic director Tom Osborne pointed out that due to a new law, schools can no longer give head coaches bonuses based on a team's academic performance. So Osborne said that the new deal makes up for the income lost there, and that Nebraska also just wanted to reward Pelini for the job he's done since taking over the program.

Pelini can also earn performance bonuses for winning the Legends Division without appearing in the Big 10 title game ($100,000), reaching the Big 10 Championship Game ($200,000), or winning the title game ($350,000). Should Nebraska reach the BCS title game, Pelini would get a $350,000 bonus, but that would go up to $650,000 if Nebraska won the BCS title game.

If that's not enough, Pelini also gets use of a private jet for 16 hours a year for personal travel.

If Pelini is fired before the contract ends, he'll get $1.8 million annually for the remainder of the deal.

Posted on: January 28, 2011 5:46 pm
Edited on: January 28, 2011 5:47 pm

Bret Bielema gets a contract extension

Posted by Tom Fornelli

Some good news for Wisconsin head coach Bret Bielema on Friday, as it turns out that leading your team to the Rose Bowl and nearly scoring 100 points in a game a few times will get you a contract extension and a bit of a raise. 

Wisconsin announced that Bielema, along with several other coaches at the school, has received a contract extension. Bielema's new deal will run through 2016.

What isn't known at this point is what kind of raise Bielema is likely getting with the extension, and that Bielema made about $1.78 million in 2010.

In his five seasons at Wisconsin, where he replaced his current boss, Barry Alvarez, Bielema is 49-16. The team's trip to the Rose Bowl this season was the first time Wisconsin played in Pasadena in eleven years.
Posted on: January 13, 2011 12:53 pm

Pat Fitzgerald to get 'lifetime' contract?

Posted by Tom Fornelli

Pat Fitzgerald has accomplished quite a bit as the head coach at Northwestern.  No, the Wildcats haven't won any Big Ten titles or made any BCS bowls under Fitzgerald, but given the school's football history, the fact that he consistently puts together winning seasons is nothing to take for granted.  Plenty of other programs have noticed what the 36-year old head coach has done, and his name pops up quite a bit when it comes to coaching searches. 

In fact, the word is that Fitzgerald was on Michigan's short-list to replace Rich Rodriguez, but he turned down an interview request.  He's turned down a lot of interviews in recent years, showing a loyalty to the school he attended that Northwestern has noticed.  Now it seems the school is looking to return the favor, as according to the Chicago Tribune, Northwestern is working on a lifetime contract for Fitzgerald.
Toward the end of his Northwestern tenure, Ara Parseghian felt underappreciated — even though his final two teams spent time ranked among the nation's top 5.
Top NU officials are so determined not to let the same thing happen with coach Pat Fitzgerald, they are working on a lucrative and comprehensive contract extension that they hope will make him a Northwestern lifer.
It is expected to be formalized in the next few weeks.
Fitzgerald already has a deal through 2015, but athletic director Jim Phillips met with him in November and told him the school wanted to enhance it after the season — plus address any issues Fitzgerald had regarding NU's commitment to the program.
Fitzgerald, who played linebacker for Northwestern during its last trip to the Rose Bowl in 1996, took over the program after the unexpected death of Randy Walker in 2006.  Since then he's gone 34-29 in five seasons, leading the Wildcats to three bowl games.  
Posted on: December 11, 2010 8:02 pm

Bobby Petrino gets contract extension

Posted by Tom Fornelli

The rumors started circulating on Friday night and early Saturday morning that Bobby Petrino was close to signing a contract extension that would keep him at Arkansas, and now it seems that it's no longer a rumor.  According to reports on Saturday night, Petrino has signed a seven-year extension that will pay him nearly $25 million.

In another tweet from Marcello, it seems that there's a non-compete clause with the rest of the SEC in Petrino's contract as well.

Whatever the case is, this contract extension is just further proof that having your name mentioned as a candidate anywhere -- whether real or not, with or without mutual interest -- is a best way to get yourself a raise.
Posted on: September 28, 2010 8:53 pm

Chip Kelly gets a contract extension

Posted by Tom Fornelli

Things have worked out well for Chip Kelly since he took over for Mike Bellotti at Oregon after spending two years as the team's offensive coordinator.  In his first season in Eugene, Kelly's Ducks went 10-3 and won the Pac-10 before losing to Ohio State in the Rose Bowl.  This year the Ducks are 4-0 and scoring more often than Lindsay Lohan goes to rehab.

So it's not surprising to hear the news that Oregon has given Kelly a contract extension.  The extension is for six years and will pay Kelly $20.5 million over the course of the deal, or $3.4 million a year.  A nice chunk of change if you can get it.

“The success of a football program at any university is a crucial component to the financial security of any collegiate athletics department at the Division I level, specifically those who are financially self-supporting,” said Oregon AD Rob Mullens in a statement.

“Chip Kelly’s track record in a short amount of time speaks volumes for his character, integrity and ability to lead this program to a new set of standards. It became clear before my arrival at Oregon that retaining him to head the university’s football program was a priority. This is an investment in the future success of Oregon athletics and an investment in retaining one of the brightest college coaches in the country."

Upon hearing the news former Nike CEO and Oregon graduate Phil Knight laughed and said "good for him" before lighting a cigar with a million dollar bill.
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