CBG buyout = $2.4 million

TechCubed

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Saw this posted on another board per the AJC

If Gregory is fired, he will be owed 100 percent of his $1.075 million annual salary next year, 75 percent for the 2016-17 ($806,250) season and 50 percent for the 2017-18 season ($537,500), payable over the life of the contract. That’s a total of $2.4 million over the next three years. The 2015-16 salary would be offset by 50 percent by any compensation he receives at a new job.
 
JacketFromUGA

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kg01 said:
All that means to me is we'll be writing a hellified letter of reference for him to carry to his next employer.
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Honestly thats not outrageous for us to do. CBG has been a great ambassador for the program and has really done some admirable things as our head coach. Unfortunately Winning has not been one of them but that doesn't mean we still don't think he can win or should be given a shot elsewhere.
 
kg01

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JacketFromUGA said:
Honestly thats not outrageous for us to do. CBG has been a great ambassador for the program and has really done some admirable things as our head coach. Unfortunately Winning has not been one of them but that doesn't mean we still don't think he can win or should be given a shot elsewhere.
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Yep and the salary offset is just an added bonus. ;)
 
Techster

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dtm1997 said:
I'm seriously not surprised that nobody has a myAJC account.
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I've got one.

Didn't say much...just reviewed the season, a lot of "yada, yada, we were a better team than our record, yada, yada". The only important part for us is the buyout, which was pretty much verbatim of what @TechCubed posted in the OP.

Of course, AJC may be lying...since some people on here swore up and down CBG's recent (confounding) extension wasn't such a big deal because we would only owe him $650K if we fired him. It is about $650K...but that's the buyout value of the recent (confounding) extension itself, and not CBG's TOTAL contract buyout. But I guess if you have to pay out $1.7+million anyways if you're going to fire someone, what's another $650K on top of it?!

EDIT:

Here's the scary part for GT BBall fans if you read (too much) into this:

Regarding our annual budget and how GT hovers around the breakeven point every year:

“That’s not an irrelevant factor for sure because it’s a reality,” Bobinski said Monday. “We’ve got to live in reality here, you can’t live in fantasy land, and that’s something, if we get into a position like that, we’ll have to figure out what’s feasible and what’s not feasible, what’s the best thing for Georgia Tech at this point.”
 
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GTRX7

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Fatmike91 said:
Huh? I understood this was a few hundred $K.

I checked, it's not April 1st.
/
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This. Dang. I thought I had seen it reported multiple times, including on here, that his buyout was more like $700k.

How in god's name are we so terrible at negotiating basketball coaches contracts! While the Hewitt contract auto-renew provision was still the worst thing I have ever seen, at least I get that he was an extremely hot commodity when we signed him to that contract, and we were really worried about him leaving. When we renewed CBG, he was not a hot commodity, and there was no chance of losing him to any school that was going to pay him as much as Tech. Why would we agree to guarantee him what essentially amounts to 75% of his pay for three years if we decide to fire him?!?
 
Connell62

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These numbers appear to be much different than what Red presented in the past.

Didn't realize that we would still owe him next year's salary. Can anyone confirm if this is indeed correct as of today, or would that be if he were still our coach beyond April 1st?

If it is correct, my guess is that will cause us to be in the same boat as when Gregory was first hired, and it definitely limits the number of qualified candidates that we will be able to consider.
 
Ggee87

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Does this make a huge difference in our coaching decision?? That's all I want to know. I couldn't see Bobinski coming in and giving him an extension without some kind of out for well under performing.
 
Techster

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tsrich said:
Is there any AD worse at contacts than DRad?
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Hewitt's "lifetime" contract was on Braine, as was Gailey's contract. CBG's original contract by DRad actually wasn't bad at all considering CBG is one of the worst paid coaches in the ACC (with results to match!)...the extension was on Bobinski. You can, however, blame DRad for finding CBG. Then you have to also give him credit for hiring CPJ.
 

bigtechfan67

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Drad sure knew how to pick em and give us the finger at the same time. Imo the coaches he chose were stop gap options. Not real candidates worthy of these contracts. Js what other coaches have contacts like these jc
 

TheSilasSonRising

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Still. I am not sure a school like GT should not give someone more than 3 1/2 years but,

with the contracts we throw around we should be able to get someone REALLY good!
 
MidtownJacket

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I feel like this makes it even harder to justify the buyout. I am not convinced that we will be able to marshal sufficient funds to handle CPH, CBG and a new coach - especially if we want to go out and get a big splash name.

That brings me back to trying to instead find some stud offensive minded assistant and bring him in (maybe even at a premium - which is still WELL below the delta for a 3rd HC) and see how we do with the remainder of the contract. That way we can have the asst as a coach in waiting situation if the team doesn't improve - and if we do we get to have CBG running the program and taking care of the academics etc. Then have the new assistant bring in some better offensive sets.

just my $0.02
 

lv20gt

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MidtownJacket said:
I feel like this makes it even harder to justify the buyout. I am not convinced that we will be able to marshal sufficient funds to handle CPH, CBG and a new coach - especially if we want to go out and get a big splash name.

That brings me back to trying to instead find some stud offensive minded assistant and bring him in (maybe even at a premium - which is still WELL below the delta for a 3rd HC) and see how we do with the remainder of the contract. That way we can have the asst as a coach in waiting situation if the team doesn't improve - and if we do we get to have CBG running the program and taking care of the academics etc. Then have the new assistant bring in some better offensive sets.

just my $0.02
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I don't think waiting out the contract is an option. Keeping gregory without an extension sounds like a death sentence for the big, in terms of open scholarships, 2016 class. Also what stud assistant is going to come here as a coach in waiting where guy we have is relatively young, meaning if he turns it around the coach in waiting status is more or less meaningless, and how do you think promoting from within will go if we end up having to get rid of gregory next year?
 
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