The UNAUTHORIZED blogger collective for the University of Colorado Law School.
Saturday, December 10, 2005
Poor Gary...
In case you missed it, CU football coach Gary Barnett was removed, Ovitz-like, from one of the most lucrative coaching jobs in the nation with $3 million in severance. Remind me, again, why the new building required a bond issue?
The Athletic Budget, which the football team provides the lions share, is seperate from the rest of the operating budget. Since Texas is a BCS team this year, the school gets a share of $14 million, which will go to buying him out. But what really ticks me off is that he was only owed around 1 million or so to coach next year, but his buyout clause was higher. Nice job CU.
Most of the money actually is going to come from ticket sales from next year's "extra" game (Buffs have 12 games on the schedule next year), and from money donated by the football boosters who insisted on keeping Barnett through the sex scandals but couldn't tolerate finishing the season a combined 100-6 losers. At least now you can root for the football team with a clear conscience.
"But what really ticks me off is that he was only owed around 1 million or so to coach next year"
My understanding is that he would also have been due some sort of "longetivity bonus" of close to $2m at the end of next year if he had been allowed to finish out his K, which is why the buyout was $3m, instead of just the $1m+ 2006 salary
Thanks Jigsaw...not many people were reporting this "roster/old age bonus." Hleps clear up the buyout price. I'm personally glad they did it, regardless of the cost.
7 comments:
The Athletic Budget, which the football team provides the lions share, is seperate from the rest of the operating budget. Since Texas is a BCS team this year, the school gets a share of $14 million, which will go to buying him out.
But what really ticks me off is that he was only owed around 1 million or so to coach next year, but his buyout clause was higher. Nice job CU.
Most of the money actually is going to come from ticket sales from next year's "extra" game (Buffs have 12 games on the schedule next year), and from money donated by the football boosters who insisted on keeping Barnett through the sex scandals but couldn't tolerate finishing the season a combined 100-6 losers. At least now you can root for the football team with a clear conscience.
"But what really ticks me off is that he was only owed around 1 million or so to coach next year"
My understanding is that he would also have been due some sort of "longetivity bonus" of close to $2m at the end of next year if he had been allowed to finish out his K, which is why the buyout was $3m, instead of just the $1m+ 2006 salary
Thank former CU AD and CU Law grad Dick Tharp for this entire mess. Who do you think he learned Contracts from?
Thanks Jigsaw...not many people were reporting this "roster/old age bonus." Hleps clear up the buyout price. I'm personally glad they did it, regardless of the cost.
oh, that's right. we have a football team.
At least we're not involved in another scandal involving the dumb things football players have done...oh wait...
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