bobongo
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Questions...
Anyone have any idea what he has been paid year to date 2022?
Is the buyout really dropping $3M as of the end of the season?
The reason I ask is because he is making about $3M per year. I have no idea if that runs a calendar year, or a football season start, or a football season finish. Theoretically the buyout drops because it assumes we’ve paid him his salary for 2022, so if he were fired with a third of 2022 left and you had to pay the increased buyout, would the $3M difference not be offset (at least somewhat) by about $1M... the portion of the year unpaid?
The point still stands if the actual figure is $2M... that’s a lot of money to eat. Im not sure I buy this notion of getting in the coaching search early either, as no one successful is committing until the end of the season anyway. My gut says the only reason to do this early is if we have our next coach on staff already (lots of conjecture; debated already) or if the guy you want is not currently working and you can announce and start the transition now.
Otherwise, let it ride this year and work on keeping kids interested and working hard. Nothing prevents talking and even interviewing (quietly) once we know it’s a foregone conclusion...
Geoff Collins’ contract averages $3.3 million annually
Georgia Tech coach Geoff Collins’ seven-year contract averages $3.3 million and begins at $3 million for the 2019 season, about $152,000 less than former coach Paul Johnson was scheduled to make in this coming season. Collins’ pay will increase by $100,000 over the life of his seven-year...
www.ajc.com
From the article:
"All told, the value of Collins’ seven-year contract is $23.1 million.
If he were to be fired within the first four years, Collins would receive 100 percent of the remaining value of the deal. After that, he would receive $2.4 million for each remaining season."
Through the end of this season, he will have made ~$12.4 million (about $3.1 million per year, on average). If he's let go after this year, he'll be due $7.2 million severance pay. If he's let go before the season ends, he'll get the whole $23.1 million. for the seven-year contract.
So, 23.1 - 12.4 = 10.7.
10.7 - 7.2 = 3.5.
Letting him go before the end of 2022 would cost Tech ~$3.5 million plus whatever we'd have to pay the interim, as I understand it.