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The Athletic breaks down Jimbo's buyout
Posted on 11/12/23 at 2:53 pm
Posted on 11/12/23 at 2:53 pm
quote:
Fisher’s contract explains the buyout’s payment schedule as follows:
“University shall pay twenty five percent (25%) of such amount in a lump sum within (60) days of the effective date of termination of the Agreement, and the remaining balance shall be paid to Coach in equal annual payments beginning one hundred twenty (120) days after the effective date of the termination of this agreement and continuing through the original end date of this Agreement, December 31, 2031.”
What does that mean for Texas A&M now that it is firing Fisher? The Aggies don’t have to write Fisher a $77 million check immediately.
In the short term, Texas A&M must write Fisher two checks in the span of four months. The first, due within 60 days of contract termination, would be for $19.3 million. The second, due within 120 days of termination, would be the first of eight annual payments for the rest of the contract: $7.2 million.
In total, the Aggies owe Fisher $26.6 million by March 11, 2024. It’s certainly not chump change, but it’s much more manageable than if the entirety of the contract were due up front. The rest will be paid out in annual installments of $7.2 million from 2025 through 2031, meaning the Aggies would basically pay two head coaches for the next eight years.
quote:
Here’s a breakdown of what the payment structure will be like for the rest of Fisher’s contract, which runs through Dec. 31, 2031:
Total buyout: $77,562,500
Lump sum (25%) owed (within 60 days): $19,390,625
Eight payments, starting no later than March 11, 2024 and continuing annually through 2031: $7,271,484
LINK
Posted on 11/12/23 at 2:56 pm to RLDSC FAN
Ridiculous amount of money. …
Posted on 11/12/23 at 2:58 pm to bayoubreeze
So for the next eight years they will be paying two absurd coaching salaries.
Then, when they inevitably fire the next guy in 4/5 years, there will be a period where they are paying three coaching salaries at the same time.
Then, when they inevitably fire the next guy in 4/5 years, there will be a period where they are paying three coaching salaries at the same time.
Posted on 11/12/23 at 3:06 pm to RLDSC FAN
My career aspiration is to be a fired SEC football coach.
Posted on 11/12/23 at 3:14 pm to RLDSC FAN
quote:
eight annual payments for the rest of the contract: $7.2 million.
so, they pay Jimbo $7.2 mil, and the next coach, who if they swing for the fences, will cost roughly the same...
so around $15 mil/year for just the head coaching position, alone....
Posted on 11/12/23 at 3:19 pm to RLDSC FAN
quote:
the Aggies owe Fisher $26.6 million by March 11, 2024.
Coach O and Jimbo are going to be tearing it up in Florida during Spring Break.
Posted on 11/12/23 at 3:30 pm to RLDSC FAN
Bobby Bonilla eat your heart out.
Posted on 11/12/23 at 3:47 pm to RLDSC FAN
The craziest thing I heard about that contract is that there isn’t any offset language in it meaning Jimbo is getting paid by A&M regardless of his employment status
Posted on 11/12/23 at 3:47 pm to RLDSC FAN
That's a lot of Destin condos.
Posted on 11/12/23 at 4:23 pm to chRxis
quote:
so around $15 mil/year for just the head coaching position, alone....
Then when they fire the next coach after 3-4 years....
Posted on 11/12/23 at 4:38 pm to RLDSC FAN
quote:
The rest will be paid out in annual installments of $7.2 million from 2025 through 2031, meaning the Aggies would basically pay two head coaches for the next eight years.
So, hypothetically/probably, the Aggies will sign a coach in a few months and pay him ~$7M annually. They will have one rando 10 win season, extend him with a raise and then average 8 and 4 for the next few years and five years from now they fire him with three years and $25M left on the deal.
Going into 2029, they hire QB guru and alum Kellen Mond for $10M a year for 10 years. In his first year, they then go 6-6 while paying north of $25M for the head coach(s). And a week after suffering their 7th loss of the season in the Texas Bowl to Texas Tech, they have to sit down and write out that second to last $7M to check to Jimbo.
Happy fricking New Years Day 2030 mother frickers.
Posted on 11/12/23 at 6:20 pm to chRxis
quote:
so, they pay Jimbo $7.2 mil, and the next coach, who if they swing for the fences, will cost roughly the same...
Dont forget the new staff and the Recruiting classes as well. Aggie be printing money.
Posted on 11/12/23 at 6:27 pm to RLDSC FAN
This shite is out of control. These guys are a fricking losers failing at their jobs and being paid generational wealth. When does this shite stop?
Posted on 11/12/23 at 6:54 pm to OvertheDwayneBowe
quote:
Then, when they inevitably fire the next guy in 4/5 years, there will be a period where they are paying three coaching salaries at the same time.
Sounds like some Tennessee accounting right there.
Posted on 11/12/23 at 7:39 pm to DeltaHog
quote:
This shite is out of control. These guys are a fricking losers failing at their jobs and being paid generational wealth. When does this shite stop?
Yeah, it’s just gross. Just fricking gross.
Posted on 11/12/23 at 9:22 pm to Projectpat
West Texas crude was $122 a barrel in June 2022
what is it now
This post was edited on 11/12/23 at 9:23 pm
Posted on 11/12/23 at 9:41 pm to bayoubreeze
quote:
Ridiculous amount of money. …
With inflation not what it use to be
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