Or maybe he's waiting for Fogler & his gang to get him a list. For the sake of all that is good and holy, let's hope that's not the case.
Coaches on the Hot Seat
- Thread starter dtm1997
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Or maybe he's waiting for Fogler & his gang to get him a list. For the sake of all that is good and holy, let's hope that's not the case.
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Couple more thoughts.
Gregory has 2 yrs left on his contract - $835K and $535K I believe. Hewitt has three left at 900K each year,
So next yr he is looking at paying out $1.7MM+ plus whatever salary a new coach is getting. That isn't going to be palatable. Now if he could say pay off CBG's last 2 years $1.4MM approx, so that the next few years he is looking at 900K plus whatever the new salary is (say $1.5-1.7MM) that would seem much more palatable. That's why I think having the money to pay off at least one of the payouts is very important. I just don't see GT paying 3 contracts at once.
Also, I doubt MBob hires an outside consultant. He has plenty of contacts. I bet he has a list and is waiting for the opportunity to use it. I doubt he likes talking to all his basketball buddies and likely taking their ribbing about the state of his program.
Finally, GT won't make a move until the season is complete. So until GT is out of the NIT there will be no coaching news on Gregory. I would expect a decision within 2-3 days after their last game though. i don't see this as a huge deal. None of the schools that have fired coaches so far are more attractive than GT. Frankly, it would worry me more if I was in love with the coaching crop this year, i'm really not.
Gregory has 2 yrs left on his contract - $835K and $535K I believe. Hewitt has three left at 900K each year,
So next yr he is looking at paying out $1.7MM+ plus whatever salary a new coach is getting. That isn't going to be palatable. Now if he could say pay off CBG's last 2 years $1.4MM approx, so that the next few years he is looking at 900K plus whatever the new salary is (say $1.5-1.7MM) that would seem much more palatable. That's why I think having the money to pay off at least one of the payouts is very important. I just don't see GT paying 3 contracts at once.
Also, I doubt MBob hires an outside consultant. He has plenty of contacts. I bet he has a list and is waiting for the opportunity to use it. I doubt he likes talking to all his basketball buddies and likely taking their ribbing about the state of his program.
Finally, GT won't make a move until the season is complete. So until GT is out of the NIT there will be no coaching news on Gregory. I would expect a decision within 2-3 days after their last game though. i don't see this as a huge deal. None of the schools that have fired coaches so far are more attractive than GT. Frankly, it would worry me more if I was in love with the coaching crop this year, i'm really not.
natureboy
Georgia Tech Fan
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Tech has to make a move,and make a move fast. Just like an old football player(Roddy White as an example) you can't let your feelings about Brian Gregory be the determining factor over the program. 2017 is a great recruiting year, so Tech needs to make the change and stop woulda, coulda, shoulda, and turn this thing around before it's too late.
MWBATL
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Hewitt patented that approach, didn't he?
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GT almost seems quaint now.
UCLA with $11MM on Alford, Memphis with $10.6MM on Pastner.
At least Hewitt went to a Final Four before he got his $7MM buyout.
Of Course DRad didn't seem to learn his lessons all that well at GT. He gave Brownwell an extention and new buyout in 2014. They would have to pay him $5MM if they fire him this year, it does drop to $3.5MM after next season. and $3MM the 2 years after that.
His contract for Swinney from early 2014 is even worse (at least Swinney is making him look good that he won't have to invoke it). Here is Swinney's buyout details
BUYOUT IF UNIVERSITY TERMINATES WITHOUT CAUSE
2014: $24 million - WHAT THE HELL?
2015: $20.7 million - WHAT THE HELL?
2016: $17.2 million - WHAT THE HELL?
2017: $10.3 million - WHAT THE HELL?
2018: $7.7 million
2019: $4 million
2020: $2 million
(all this info from ShakintheSouthland)
UCLA with $11MM on Alford, Memphis with $10.6MM on Pastner.
At least Hewitt went to a Final Four before he got his $7MM buyout.
Of Course DRad didn't seem to learn his lessons all that well at GT. He gave Brownwell an extention and new buyout in 2014. They would have to pay him $5MM if they fire him this year, it does drop to $3.5MM after next season. and $3MM the 2 years after that.
His contract for Swinney from early 2014 is even worse (at least Swinney is making him look good that he won't have to invoke it). Here is Swinney's buyout details
BUYOUT IF UNIVERSITY TERMINATES WITHOUT CAUSE
2014: $24 million - WHAT THE HELL?
2015: $20.7 million - WHAT THE HELL?
2016: $17.2 million - WHAT THE HELL?
2017: $10.3 million - WHAT THE HELL?
2018: $7.7 million
2019: $4 million
2020: $2 million
(all this info from ShakintheSouthland)
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Not having a offset clause in any buyout is just negligence on the part of the AD/school imo.
AE 87
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But thank you UVA, for Groh?
BeeRBee
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Not criticizing you, because I've seen this sentiment many places, but I really don't like this rationale for not taking action. The Hewitt buyout has absolutely nothing to do with today's GT basketball program. It's a debt that was incurred for the benefit of the program many years ago, and in fact is only still on the books because it was renegotiated at the time of his firing. And in fact it is treated as a debt on the GTAA's financial statements, so that the payments are not reflected as an operating expense.
It is a sunk cost, and should not affect current decisions. As a matter of fact, Gregory's buyout is also a sunk cost, because those are dollars that will be paid whether he is employed or not. The only relevant costs are the additional amounts that will have to be paid to a new coaching staff.
If the argument is that the GTAA's financial condition is too fragile to incur these additional costs, I get that. I understand the debt level is high, and GTAA is using an approach of relying on market returns on a portfolio to cover the debt service. I can understand a position that the GTAA needs to improve its cash flow before taking on additional expense, and that fundraising for "retire the buyouts" would be one way to do that. However, fundraising for "retire part of the McCamish debt" would be functionally equivalent, or fundraising for "endow the basketball team scholarships" could improve cash flow as well.
The statement "we can't pay for 3 coaches at one time" is really just saying "we'll be embarrassed because someone will make fun of us." If that's the problem, they just need to get over it.
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I disagree with the rationale, but it will be used.
It is a debt they have to pay, but it has an effect of potentially limiting how much you can spend on a new coach - that is the rub. If at this time it limits you to paying a little over $1MM, rather than waiting a year or two and being about to pay $1.5MM or $1.7MM or whatever- that is something that has to be weighed as the likely hire at $1MM is not likely worth even making the change.
It is a debt they have to pay, but it has an effect of potentially limiting how much you can spend on a new coach - that is the rub. If at this time it limits you to paying a little over $1MM, rather than waiting a year or two and being about to pay $1.5MM or $1.7MM or whatever- that is something that has to be weighed as the likely hire at $1MM is not likely worth even making the change.
BeeRBee
Jolly Good Fellow
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Yeah, I know <deep sigh>.
Thus paving the way for Pastner to probably reach the finals of the American with a very real shot at snagging a tourney spot. Incredible.
RyanS12
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All I can say after wasting all that talent Johnny Jones at LSU should've been fired on site after getting beat on the way they did today. You have the next Kevin Durant on your roster! That was a Paul Hewitt type coaching effort this season in Baton Rouge.
KeystoneJacket
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Awful performance all year from that team. Saw Blakeny and Quarterman were 3-27 today. Simmons never had anyone else step up. I wouldn't really compare him to Durant though.