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Message
Qtn about "7 yr extension"
Posted on 1/12/11 at 2:19 pm
Posted on 1/12/11 at 2:19 pm
Why is it being referred to as a 7yr extension when he has/had 4yrs left on current deal? I realize it may be semantics, but accurately it should be a 3yr extension, yes?
1
Posted on 1/12/11 at 2:20 pm to cajuncdm
quote:
Why is it being referred to as a 7yr extension when he has/had 4yrs left on current deal? I realize it may be semantics, but accurately it should be a 3yr extension, yes?
Contract is restructured making it a new contract. The 4 got wiped and the 7 replaced it. Still (7-4=) 3 more years.
Posted on 1/12/11 at 2:27 pm to junkfunky
gotcha...thx
Posted on 1/12/11 at 2:34 pm to cajuncdm
What is the word on the buyout? Is it the same? If it is the same, how is that a healthy deal for LSU? $18 million buyout means LSU is joined at the hip with him.
That is like, 5 years of pay. I don't see how that is healthy for us. If the buyout was something like 8 million, that would make a lot more sense...
That is like, 5 years of pay. I don't see how that is healthy for us. If the buyout was something like 8 million, that would make a lot more sense...
This post was edited on 1/12/11 at 2:35 pm
Posted on 1/12/11 at 2:44 pm to deuce985
From everything I have read, it looks like it's a 7-year deal with all 7 years' salary guaranteed. Is that accurate?
Posted on 1/12/11 at 2:47 pm to junkfunky
quote:
3 more years.
ESPN saying its through 2017
Posted on 1/12/11 at 2:49 pm to pwejr88
It didn't cost more money which was the concern of TAF. What is the big deal? Seems like a fair deal all the way around. He got more bonus incentives and they stayed flat on salary.
Posted on 1/12/11 at 2:49 pm to DrEdgeLSU
quote:
From everything I have read, it looks like it's a 7-year deal with all 7 years' salary guaranteed. Is that accurate?
The longest a state contract can be for is 5 years. It's a 5 year deal with 1 year automatic rollovers for the next 2 years. So I think the most the buyout can possibly be at any time is 18.75 million (3.75*5 years)
Posted on 1/12/11 at 2:56 pm to Tigrus Maximus
So...is that buyout confirmed or not?
Posted on 1/12/11 at 2:56 pm to Tigrus Maximus
quote:
So I think the most the buyout can possibly be at any time is 18.75 million
Oh thats all?
Posted on 1/12/11 at 2:57 pm to Draconian Sanctions
Posted on 1/12/11 at 2:58 pm to Draconian Sanctions
quote:
Oh thats all?
At least it's not the full 26.25 millionPosted on 1/12/11 at 3:00 pm to Tigrus Maximus
quote:
The longest a state contract can be for is 5 years.
Not that I don't believe you, but what is this rooted in? Can you send a link?
quote:
It's a 5 year deal with 1 year automatic rollovers for the next 2 years. So I think the most the buyout can possibly be at any time is 18.75 million (3.75*5 years)
I have heard this version too -- basically, there is a steady $18.75MM buyout for the next two years, and after year 3 the buyout begins to decline $3.75MM/year at a time.
I am not exactly sure why everyone is so hung up on the buyout. I get it after going 8-5, but we finished 11-2 and #8, much higher than all predictions going into the season. We lost to the two SEC teams that went to BCS games, including the national champ. I'd rather imagine that we are going to continue to contend for titles and in 5 or 6 years this contract will be re-upped.
Posted on 1/12/11 at 3:02 pm to Tigrus Maximus
A co-worker actually said they heard the buy out is at 26.3 mil.
I don't know if I can believe it until I hear it confirmed, but that would basically mean Miles owns LSU.
I don't know if I can believe it until I hear it confirmed, but that would basically mean Miles owns LSU.
Posted on 1/12/11 at 3:03 pm to deuce985
quote:
So...is that buyout confirmed or not?
Nothing is confirmed until the BOS passes this contract amendment, but from what I understand, all of the wording for LSU being responsible for the full "liquidated damages of 18.75" stays the same.
Here is a LINK to his current contract
Posted on 1/12/11 at 3:04 pm to DrEdgeLSU
Because you're joined at the hip with a coach that is already making a lot of money. Please list off the other major HCs in CFB who have a 18+ million buyout. It is not a fair deal for both sides, it is solely steered to Miles. Wouldn't you think something like 8 million is a better deal for both sides? The dude is basically getting the year's salary he gets fired and another 2 years. I think that is more than fair.
If LSU was to fire him do you realize the shite we will be in? So basically love or hate him, you better enjoy Les and hope he can continue success here. He isn't going anywhere. What I don't like about contracts like that is someone knows they have so much job security, they can decide to just sit back and get lazy. Kinda like a NFL player sitting on his contract. He could flip off LSU and say, I'm keeping Crowton. Not saying Les will do that...it is just a example of why you never go with deals like that.
But I don't really blame the admin, they were backed in a corner on this anyway.
If LSU was to fire him do you realize the shite we will be in? So basically love or hate him, you better enjoy Les and hope he can continue success here. He isn't going anywhere. What I don't like about contracts like that is someone knows they have so much job security, they can decide to just sit back and get lazy. Kinda like a NFL player sitting on his contract. He could flip off LSU and say, I'm keeping Crowton. Not saying Les will do that...it is just a example of why you never go with deals like that.
But I don't really blame the admin, they were backed in a corner on this anyway.
This post was edited on 1/12/11 at 3:11 pm
Posted on 1/12/11 at 3:13 pm to DrEdgeLSU
quote:
The longest a state contract can be for is 5 years.
Not that I don't believe you, but what is this rooted in? Can you send a link?
It's a policy that LSU has for professors, so I assume it goes with all LSU A&M hires. Here is the wording from a generic LSU A&M employment agreement/contract:
""Professors and Associate Professors are tenured and are appointed for an indefinite period of time, except that the initial appointment and subsequent reappointments through not more than five years of total service to the LSU campus involved may be made for a stipulated term."
Link to Contract
That's why the max buyout will be 18.75 MM until his third year, where it will decline by 3.75 MM each subsequent year like you explained.
Posted on 1/12/11 at 3:14 pm to deuce985
quote:
Please list off the other major HCs in CFB who have a 18+ million buyout.
I don't have the time or energy to do this. You are suggesting that other coaches/universities have not negotiated contracts similarly, so can you find the buyouts of major HCs?
quote:
It is not a fair deal for both sides, it is solely steered to Miles.
How is it not fair? LSU has agreed to pay him his salary for 7 years. As such, it's not really a buyout -- if LSU terminates the contract, they are on the hook for the amount of the contract. What contract have you ever signed that cost less for the other parties to fire you rather than retain you?
quote:
it is just a example of why you never go with deals like that.
I think this is really contingent upon the personality and character of the person involved. Did it appear to you today that Les was counting his money? Besides, if LSU goes 2-10 and 3-9 the next two seasons, that buyout will get negotiated down to a reasonable settlement; that's how it always works.
Posted on 1/12/11 at 3:17 pm to Tigrus Maximus
quote:
It's a policy that LSU has for professors, so I assume it goes with all LSU A&M hires. Here is the wording from a generic LSU A&M employment agreement/contract:
I would assume the difference here is that Les is not a professor (all obvious jokes aside) and as such the tenure rules do not apply to him. I can't imagine that the state has some rule that prevents someone from having a contract of longer than 5 years as an employee, or the state board of supervisors would not have negotiated it thusly.
Posted on 1/12/11 at 3:20 pm to DrEdgeLSU
No clue. I just knew this rule, and heard the same thing repeated by a media outlet. I also know that at the end of 2007 when Miles received his current contract amendment through 2014, the total liquidated damages could not exceed 18.75 MM or 5 years of his salary.
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