re: UConn AD took out insurance policy on teams advancing/winning tourney

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The policy, secured through Charleston, S.C.-based Game Point Capital, had a total coverage limit of $6.25 million.

“That was insuring basically all of your exposure from a bonus standpoint in men’s and women’s basketball in addition to covering things you don't budget for,” Benedict said. “Like, you don't budget for championship rings or Final Four rings. Maybe we should, at UConn. So we didn't just insure bonuses. We also insured additional costs associated with earning those bonuses.” UConn, in these areas, basically cut its expenses in half by marrying itself to a flat $2.83 million payment from its own pockets in advance of seasons of such high expectations. Game Point Capital, as it turned out, was on the hook for the remaining $2.77 million.

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Men’s coach Dan Hurley earned significant bonuses with each step of his team’s dominant season. Among them were $100,000 for winning the Big East regular season outright, $100,000 for winning the Big East Tournament, $100,000 for reaching the Sweet 16, $200,000 for reaching the Elite Eight, $200,000 for reaching the Final Four and $500,000 for winning the national championship.

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Geno Auriemma, who is entering the final year of a five-year, $15 million contract, also earned numerous bonuses, including a half-month’s pay for winning the Big East Tournament and a full month’s pay for reaching the Final Four. Auriemma made $3.1 million in salary in 2023 — a $600,000 base and $2.5 in media fees, the standard split setup for coaching contracts. The bonuses are based on his base salary, with one month being equal to $50,000

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