CDS Contract Details

[57jacket]

Georgia Tech men’s basketball coach Damon Stoudamire will make a salary of $2.1 million in his first season with the school, according to a memorandum of understanding obtained by The Atlanta Journal-Constitution.

Stoudamire, hired in March after two seasons as an assistant with the Boston Celtics, was given a contract of five years beginning March 14 and ending April 30, 2028. His pay will increase $100,000 each year beginning May 1.

 

[RamblinRed]

That is a cheap price. Will be either the lowest or 2nd lowest in the ACC (depending upon Grant's deal with BC). $600K less than what Pastner would have made this year.

Damon Stoudamire given $2.1 million salary for first season at Georgia Tech

The contract covers five years.

www.ajc.com

"The $2.1 million salary for the 2023-24 season is the lowest among ACC coaches, according to the USA Today coaching salary database, although figures for Duke coach John Scheyer, Boston College coach Earl Grant and Wake Forest coach Steve Forbes have not been made available."

Stoudamire is eligible for incentive compensation for the program’s Academic Progress Rate: $50,000 if the APR is greater or equal to 950, $75,000 if greater or equal to 960, $100,000 if greater or equal to 970 and $100,00 if a single-year APR falls in the national top 10.

If the Yellow Jackets finish in the top four of the regular-season ACC standings, Stoudamire will be given $100,000. He also could make an extra $100,000 should Tech finish as ACC regular-season champions and/or win the ACC tournament championship.

Stoudamire also could receive $50,000 if the Jackets make the NCAA Tournament, $50,000 for winning an NCAA Tournament First Four game, $75,000 for a first-round NCAA Tournament, $100,000 for a second-round win, $150,000 for a third-round win, $200,000 for a win in the quarterfinals, $250,000 for advancing to the national championship and $300,000 for winning a national title.

Should Stoudamire be named national coach of the year, he will receive $100,000. An ACC coach of the year honor gets Stoudamire a $50,000 bonus.

Stoudamire can earn an extra $250,000 if he remains the Tech coach through May 15, 2025, and another $250,000 if he’s still the coach through May 15, 2027. He received $80,000 for relocation costs, a country club membership and the use of a Georgia Tech Athletic Association vehicle.

Should Stoudamire opt to voluntarily terminate his contract before April 30 he will owe the GTAA $5 million, a figure which decreases by $1 million every year until April 30, 2028. If Tech terminates Stoudamire’s contract without cause it will owe the coach 100% of his contract in 2024 and 2025, 60% in 2026 and 50% in 2027 and ‘28.

 

[iopjacket]

Let's hope he makes all of his bonuses.

 

[leatherneckjacket]

It is amazing how little we spend compared to other programs?

 

[slugboy]

I wonder if assistant salaries were more important?

If he wins, he’ll get paid

 

[TooTall]

It is amazing how little we spend compared to other programs?

Can't spend it if you don't have it. And can't spend it if you are paying the other guy not to be here.

 

[684Bee]

It is amazing how little we spend compared to other programs?

No, it isn’t amazing. It’s a direct reflection of what we all donate and spend.

 

[GT33]

It is amazing how little we spend compared to other programs?

Yes, but it's apparent he also bet on himself. He does well, we'll be reneogotiating or someone else will do it for us.

 

[GT33]

I’ll also add I REALLY like people with aptitude that bet on themselves. You got the clowns that don’t know any better or are playing “fake it until you make it”, but guys like CDS are worth putting your money on in my experience. They pay off in spades.

 

[Connell62]

I wonder if assistant salaries were more important?

If he wins, he’ll get paid

I'm too lazy to do the math...Thats why I didn't go to GT, if we won it all and he hit every incentive, what is the max?

 

[CEB]

I'm too lazy to do the math...Thats why I didn't go to GT, if we won it all and he hit every incentive, what is the max?

I think it’s more than math. There is a lot of either / or type of scenarios that are paraphrased in the text and may look different contractually. That said, I was running a tally and if we won the ACC and the NCAA and he was both national and ACC COY, with a top ten APR, I got just over $1.7m in annual incentive.
There are also bumps for dates in May of ‘27 which would increase him potentially another $500k.
All in, $2.2m+ if the stars align.

Edit. Math.

 

[slugboy]

I'm too lazy to do the math...Thats why I didn't go to GT, if we won it all and he hit every incentive, what is the max?

I haven’t added it up, but I meant if he exceeds expectations, and re-thrills the Thrillerdome, then he’ll get a revised contract. Batt seems sane and smart.

 

[MidtownJacket]

Not including the longevity bonus, this is what I think it rolls out to.

Base Salary	$2.1M
APR Bonus (in top 10 AND >= 970)	$200K
Win ACC AND finish top 4	$200K
Win NCAA Tourney (and associated kickers for games along the way)	$1.175M
ACC AND National CotY	$150K
Moving/Lifestyle Stipends	$80+K
TOTAL:	$3.905M

 

[slugboy]

Not including the longevity bonus, this is what I think it rolls out to.

Base Salary	$2.1M
APR Bonus (in top 10 AND >= 970)	$200K
Win ACC AND finish top 4	$200K
Win NCAA Tourney (and associated kickers for games along the way)	$1.175M
ACC AND National CotY	$150K
Moving/Lifestyle Stipends	$80+K
TOTAL:	$3.905M

I hope we pay all of that

 

[orientalnc]

I love his confidence in his ability to get us back on track. This first roster is promising, but he is likely going to be short of $3.9 million this year.

 

[Connell62]

Not including the longevity bonus, this is what I think it rolls out to.

Base Salary	$2.1M
APR Bonus (in top 10 AND >= 970)	$200K
Win ACC AND finish top 4	$200K
Win NCAA Tourney (and associated kickers for games along the way)	$1.175M
ACC AND National CotY	$150K
Moving/Lifestyle Stipends	$80+K
TOTAL:	$3.905M

"Pay dat man his money"

 

[TechPhi97]

No, it isn’t amazing. It’s a direct reflection of what we all donate and spend.

Look at the amount of money the AA collects in donations (FY22: $6.9M). Then look at what UGA collects in donations (FY22: $74.3M). The difference is something like $70M per year. This is much more than the conference/media rights (GT: ~$37.5M vs UGA: ~$53M).

GT Link: https://finance.gatech.edu/sites/default/files/2022-10/GTAA_Financial_Statements-6-30-2022.pdf
UGA Link: https://georgiadogs.com/documents/2023/2/8/2021-22_Reporting_Year.pdf

 

[684Bee]

Look at the amount of money the AA collects in donations (FY22: $6.9M). Then look at what UGA collects in donations (FY22: $74.3M). The difference is something like $70M per year. This is much more than the conference/media rights (GT: ~$37.5M vs UGA: ~$53M).

GT Link: https://finance.gatech.edu/sites/default/files/2022-10/GTAA_Financial_Statements-6-30-2022.pdf
UGA Link: https://georgiadogs.com/documents/2023/2/8/2021-22_Reporting_Year.pdf

Yes, it’s pitiful.

 

[YlJacket]

Look at the amount of money the AA collects in donations (FY22: $6.9M). Then look at what UGA collects in donations (FY22: $74.3M). The difference is something like $70M per year. This is much more than the conference/media rights (GT: ~$37.5M vs UGA: ~$53M).

GT Link: https://finance.gatech.edu/sites/default/files/2022-10/GTAA_Financial_Statements-6-30-2022.pdf
UGA Link: https://georgiadogs.com/documents/2023/2/8/2021-22_Reporting_Year.pdf

I would bet a large part of that is seat fees/required contributions to buy seats at the cesspool. Doesn't make it any less real but helps to understand where it comes from.

 

[ESPNjacket]

I would bet a large part of that is seat fees/required contributions to buy seats at the cesspool. Doesn't make it any less real but helps to understand where it comes from.

There aren't any standards for what goes where in those statements. You can't compare them directly. The bottom lines are the only things worth looking at.