Chewing The Tobacco in Beckman's Contract

It's bad enough our football coach got busted chewing tobacco on the sidelines, in clear violation of NCAA rules. Now, we here at FireMikeThomas take you inside the particular's of Tim Beckman's contract:


1)  a bonus of 8% of his base salary of $400K for merely making a bowl game.  No need to worry about that this season! Thanks Tim Beckman!

 

2) $150K bonus if he's still the coach on 1-31-15.   A $350K bonus if still here on 1-31-17.

 

3) yearly salary increases of $100K.

 

4) UI paid the $130K buyout of his Toledo contract.

 

5) free car usage for his wife and he. but no free tobacco?  

 

6) free membership at Champaign Country Club.   Caesar Salad with Coach Guenther!

 

7) joint responsibility for scheduling with MT.  Remember, RZ beefed about scheduling when asked, saying that "a HC should have as much input as his AD allows."

 

8) ah yes, the buyout.  the rumour of a "mere" $400K buyout is B.S.

 

if UI sacks Beckman for being a bad coach the buyout is as follows:

 

TWO TIMES the base salary of $400K for the remainder of the contract plus any prorations, less $275K per year based on Beckman's duty to mitigate damages.

 

EXAMPLE:  UI sacks Beckman on 8/1/2014.  It owes Beckman TWO TIMES the base salary  for partial Contract Year 3 (400,000) PLUS TWO TIMES the full year's salary owed for years 4 and 5 (that is $800,000 PER YEAR)  MINUS $137,500 for Beckman's duty to mitigate damages in year 3 (prorated) and MINUS $550,000 total for Beckman's duty to mitigate damages in years 4 & 5 ($275,000 per year, times 2)= for a total lump sum  of $1,312,500.   BOGGLE!