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CBG buyout = $2.4 million
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<blockquote data-quote="TechPhi97" data-source="post: 140599" data-attributes="member: 158"><p>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. </p><p></p><p>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. </p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="TechPhi97, post: 140599, member: 158"] 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. [/QUOTE]
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CBG buyout = $2.4 million
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