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Started By
Message
re: Tim Brando and Miles' Buyout
Posted on 10/8/10 at 1:54 pm to SouthernMan
Posted on 10/8/10 at 1:54 pm to SouthernMan
2
Posted on 10/8/10 at 1:56 pm to Elleshoe
quote:
he hasn't been rolled over either of the past two years by the board/chancellor/president
or
quote:
NEW ORLEANS - A buyout of head coach Les Miles' contract will be quite costly.
A source said today that Miles' contract extends through 2014. The source said Miles' deal was extended thru 2014 in a letter from then chancellor Sean O'Keefe to Miles.
Miles earns $3.751 million per season.
Posted on 10/8/10 at 2:53 pm to Elleshoe
This board has been over this issue before ad nauseum.
This is the deal:
He has 3 yrs left on the deal INCLUDING this yr. If he was let go at year's end LSU would owe him two years worth of salary. LSU would have double the remaining contract length in which to pay him. So we have 4 yrs to pay his 2.
Miles has to in good faith seek out employment upon termination. Once employment is gained, LSU only must pay the difference in salary between the jobs.
I did not hear about this O'Keefe business, and I pray it isn't true.
The buyout is no where near 13-15 mil. In fact, rounding up to 4 mil/yr (8 mil total) it would cost LSU about 167000 per month for four yrs if miles did not get a job.
I am unsure if it stipulates he is to receive some up front sum, but I don't think he does.
It is not too costly to buy him out at year's end.
This is the deal:
He has 3 yrs left on the deal INCLUDING this yr. If he was let go at year's end LSU would owe him two years worth of salary. LSU would have double the remaining contract length in which to pay him. So we have 4 yrs to pay his 2.
Miles has to in good faith seek out employment upon termination. Once employment is gained, LSU only must pay the difference in salary between the jobs.
I did not hear about this O'Keefe business, and I pray it isn't true.
The buyout is no where near 13-15 mil. In fact, rounding up to 4 mil/yr (8 mil total) it would cost LSU about 167000 per month for four yrs if miles did not get a job.
I am unsure if it stipulates he is to receive some up front sum, but I don't think he does.
It is not too costly to buy him out at year's end.
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