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Coaching Carousel 3 - Burn It All Down Edition
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<blockquote data-quote="RamblinRed" data-source="post: 410064" data-attributes="member: 1776"><p>From an article in the Memphis paper.</p><p></p><p>Sources familiar with the negotiations said Hardaway is set to make at least $4.5 million during the initial three-year contract he signed with Memphis.</p><p>He will have an average annual salary of $1.5 million, although the exact amounts each year and the specifics of his incentives package remain unknown as of Thursday evening.</p><p></p><p>The school now owes Smith nearly $10 million because he had three years remaining on his five-year, $15.45 million deal.</p><p>Smith's contract included a stipulation that will allow the university to pay it off over six years and didn't feature an offset clause should Smith get another job. Smith could earn an average of $1.665 million per year until 2024.</p><p></p><p>Hardaway's hiring at Memphis was due, in part, to the university's desire to increase revenue associated with the men's basketball program. Attendance at Tigers' home games fell to a 48-year-low this past season.</p><p>University President M. David Rudd also revealed at Hardaway's introductory press conference on Tuesday that the program will lose about $4.7 million in revenue this year and saw its season-ticket sales reach a modern era low of 4,115.</p><p></p><p></p><p>That last sentence is obviously why memphis made a move. in the short term Penny's hire will obviously improve the financial numbers with more tickets and concessions sold. But long term it will still come down to can he succeed at the college level.</p></blockquote><p></p>
[QUOTE="RamblinRed, post: 410064, member: 1776"] From an article in the Memphis paper. Sources familiar with the negotiations said Hardaway is set to make at least $4.5 million during the initial three-year contract he signed with Memphis. He will have an average annual salary of $1.5 million, although the exact amounts each year and the specifics of his incentives package remain unknown as of Thursday evening. The school now owes Smith nearly $10 million because he had three years remaining on his five-year, $15.45 million deal. Smith's contract included a stipulation that will allow the university to pay it off over six years and didn't feature an offset clause should Smith get another job. Smith could earn an average of $1.665 million per year until 2024. Hardaway's hiring at Memphis was due, in part, to the university's desire to increase revenue associated with the men's basketball program. Attendance at Tigers' home games fell to a 48-year-low this past season. University President M. David Rudd also revealed at Hardaway's introductory press conference on Tuesday that the program will lose about $4.7 million in revenue this year and saw its season-ticket sales reach a modern era low of 4,115. That last sentence is obviously why memphis made a move. in the short term Penny's hire will obviously improve the financial numbers with more tickets and concessions sold. But long term it will still come down to can he succeed at the college level. [/QUOTE]
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