CBG buyout = $2.4 million

[Techster]

We EXTENDED him another TWO years last year, making his buyout even more, when his best season was below .500 and his best ACC season was 6-12. Really questioning Bobinski on this. No wonder they made his new contract details so private. You couldn't find any info on the new buyout until Ken did story. No way they fire him now.

If someone says Bobinski HAD to extend him for recruiting purposes, Bobinski put himself in a tough corner with the comments he made last year when he said extending a coach for recruiting purposes is overrated and only an issue that fans and the media like to talk about. That was his thoughts when asked about why CPJ didn't have an extension yet and only had 3 years left going into 2014.

So MBob extended a coach who has a horrendous conference record over a coach who actually won the ACC and went to 2 ACCCG games before the 2014 season. That's a really tough thing to explain given MBob's comments.

 

[awbuzz]

Truth of the matter is that sometimes we are our own worst enemy. With that said, hindsight is usually fairly accurate. Last year when the decision to extend the contract - recruiting purposes - MBob didn't have the perfect mix of options (read that as dollars, "time", etc.) mostly CASH to pull the string and made the best out of what he had to work with.
Sometimes you get lucky and it works out. This time... it appears it hasn't worked out, but we are still stuck with the $ problem. (Special thanks to DB and PH for that huge mill stone around the neck ...)

 

[dtm1997]

BG got an extension & a very modest raise for recruiting purposes and to reward putting the program at some level of stability.

He'd have received more money regardless of the buyout, but I don't see what position of weakness MBob was in that he also chose to reset the buyout clock, which is what appears to have happened with the extension.

If that's how it worked out, then that was an incredibly poor decision on MBob's part and this higher buyout is solely on his bad decision. I mean, that's a colossal eff up of over $1MM.

 

[awbuzz]

Can't disagree with you. CBG was not is a position to fight for a bigger buy out last year. Also hard pressed to believe that GT was worried about CBG packing his bags and going to a greener pasture.

 

[Ggee87]

Thought he developed D Miller a good bit.

Also, if DRad is to be criticized for CBG, then what about CPJ?

if we make a change we need to make a big change, not some inexperienced guy who happened to go to GT, or someone from a small school like App St.

I spoke nothing of LazyAD... and I figured someone would find the 1 example of a player improving some, to discredit my point. Daniel Miller improved a good ammount... but how much of that can be credited to CBG? When all the other players have been stagnant for the most part? I don't mind who we get as a replacement. As long as they can put a top 50-60 offense on the floor. I want to have hope that things will get better. I haven't felt that way during CBGs entire tenure. I never thought we would be this dreadful... but still didn't think we'd make the tourney under his tutelage.

 

[Ggee87]

BG got an extension & a very modest raise for recruiting purposes and to reward putting the program at some level of stability.

He'd have received more money regardless of the buyout, but I don't see what position of weakness MBob was in that he also chose to reset the buyout clock, which is what appears to have happened with the extension.

If that's how it worked out, then that was an incredibly poor decision on MBob's part and this higher buyout is solely on his bad decision. I mean, that's a colossal eff up of over $1MM.

I really hope he didn't do that. When the coach is in no position to demand ANYTHING... Why would you concede of the price of a buyout? That makes absolutely zero business sense. If CBG doesn't like what you have to offer... then let him walk and find another job and get your new coach last year. Something has to be off with the numbers. Otherwise Mbob is completely incompetent and in over his head as well.

 

[dtm1997]

I spoke nothing of LazyAD... and I figured someone would find the 1 example of a player improving some, to discredit my point. Daniel Miller improved a good ammount... but how much of that can be credited to CBG? When all the other players have been stagnant for the most part? I don't mind who we get as a replacement. As long as they can put a top 50-60 offense on the floor. I want to have hope that things will get better. I haven't felt that way during CBGs entire tenure. I never thought we would be this dreadful... but still didn't think we'd make the tourney under his tutelage.

I've always been under the impression that Billy Schmidt, who left to take a lesser role at Florida, has always been credited with Miller's improvement, as he worked with the post players.

 

[Peacone36]

IMBIT

 

[TechPhi97]

IMBIT

Back to the original question - the OP has stated that there are only a handful of people that know what is going on, and that they would know the specifics of the buyout. OP, does that mean that you know the specifics of the buyout and you agree with the AJC?

I have the numbers laid out in a spreadsheet and to me it looks like the AJC might have overlaid the buyout from the original contract on top of the extension and re-started the buyout percentage when, in fact, the number was simply carried forward. In the original contract the buyout was 75% for '14-'15, and then 50% for the final two years. Total buyout of $1MM for '15-'16 and '16-'17. I would be shocked if his buyout moved to $2.4MM with the extension, especially considering performance. If that's the case, it was a huge f-up. But I just don't see that being true.

The $650,000 number being floated around is 60% of the annual value of the current contract; to me it makes sense that maybe the buyout was increased to 60% of contract value for the final three years. If that's the case then we're paying $1.345MM per year to two coaches if we fire him. Still terrible, but less than the $1.8MM it could be.

The other factor people aren't considering is that we probably got donations to handle Hewitt's contract. If that number is already covered by commitments or what is in the bank, then it doesn't factor into the discussion.

 

[bke1984]

Back to the original question - the OP has stated that there are only a handful of people that know what is going on, and that they would know the specifics of the buyout. OP, does that mean that you know the specifics of the buyout and you agree with the AJC?

I have the numbers laid out in a spreadsheet and to me it looks like the AJC might have overlaid the buyout from the original contract on top of the extension and re-started the buyout percentage when, in fact, the number was simply carried forward. In the original contract the buyout was 75% for '14-'15, and then 50% for the final two years. Total buyout of $1MM for '15-'16 and '16-'17. I would be shocked if his buyout moved to $2.4MM with the extension, especially considering performance. If that's the case, it was a huge f-up. But I just don't see that being true.

The $650,000 number being floated around is 60% of the annual value of the current contract; to me it makes sense that maybe the buyout was increased to 60% of contract value for the final three years. If that's the case then we're paying $1.345MM per year to two coaches if we fire him. Still terrible, but less than the $1.8MM it could be.

The other factor people aren't considering is that we probably got donations to handle Hewitt's contract. If that number is already covered by commitments or what is in the bank, then it doesn't factor into the discussion.

Yeah, I was thinking the same thing when I read the article on the original contract. I think the AJC is incorrect, but we will see how it all plays out.

 

[TechCubed]

Ken provided additional details, which are correct. Don't forget that assistant coaches also have contracts, which Ken didn't address.

 

[Peacone36]

Save some $.

Keep Herrion.

 

[bke1984]

Ken provided additional details, which are correct. Don't forget that assistant coaches also have contracts, which Ken didn't address.

Wow. OK, well this was a horrible decision last year to extend the contract like this. Gotta just deal with it now...

 

[bke1984]

Ken provided additional details, which are correct. Don't forget that assistant coaches also have contracts, which Ken didn't address.

Do assistants have buyout stipulations? If so, I wouldn't imagine they are very high

 

[TechPhi97]

Ken provided additional details, which are correct. Don't forget that assistant coaches also have contracts, which Ken didn't address.

Well, that sucks. The extension was in '13, so I imagine it was in force for the '13-'14 season. That means that in addition to the extra $75K per year, we gave him an increase in the buyout of $1.5MM on the original years plus $500K for the extra year - a total of $2.0MM additional buyout commitments.

All told, if we would've just continued to pay Hewitt and kept the original contract we would've paid $1.9MM next year and $500K the following year. Now if we let him go it's $1.8M, $1.5M, $1.2M, $700K. In hindsight, moving the Hewitt payments out probably hurt us more in flexibility than it saved us in cash flow. If we don't have a $700K commitment for the next four years it changes the dynamic. Who knows, maybe all of that was agreed to before he even took the job. Its probably no coincidence that the Hewitt deal was restructured and then Gregory got his new re-structured contract.

I have to say, we're basically screwed for another three years, mostly by the Hewitt contract. Should've just bitten the bullet there, but no we've extended the pain and its going to hurt us for almost a decade. Agree with earlier posters that if we're going to keep Gregory, we might as well just do it for 2-3 more years and get through the 2018 season. Hiring another coach in at a low salary seems riskier than seeing if Gregory can somehow turn it around.

 

[bke1984]

...Agree with earlier posters that if we're going to keep Gregory, we might as well just do it for 2-3 more years and get through the 2018 season. Hiring another coach in at a low salary seems riskier than seeing if Gregory can somehow turn it around.

This is kind of where I am right now. We're going to be bad for the next three years anyways. No reason to dig ourselves any deeper.

What's odd about it is that if we go this direction, you won't hear Bobinski explain it this way. It will come across as BG having the complete support of the department, etc.

We're really just in a bad all-around situation...

 

[sidewalkGTfan]

This is kind of where I am right now. We're going to be bad for the next three years anyways. No reason to dig ourselves any deeper.

What's odd about it is that if we go this direction, you won't hear Bobinski explain it this way. It will come across as BG having the complete support of the department, etc.

We're really just in a bad all-around situation...

With a good coach, I think we could be pretty good next year. Maybe not a tourney team but I don't think it's crazy to think we would be in the discussion. Next year we have a big recruiting class, so a new coach has a chance to make an immediate impact there as well. I don't accept the idea that we are gonna be a bad team for the next few years regardless of who the coach is.

 

[Techster]

Ken provided additional details, which are correct. Don't forget that assistant coaches also have contracts, which Ken didn't address.

This lesson here is board members should not try to interpret contracts because we're TERRIBLE at it. $650K buyout, huh? In our dreams...

 

[Ggee87]

I'd like to hear RamblinReds thoughts on the AJC report about the buyout.

 

[daBuzz]

Unless something has changed, basketball assistant coaches used to be on year-to-year contracts. That may have changed but I haven't heard anything about that happening. Not saying it hasn't happened; but I would find it a bit surprising, if true.