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Les Miles' contract - why the buyout would cost Zero or close to it.
Posted on 12/10/15 at 1:01 pm
Posted on 12/10/15 at 1:01 pm
This discussion is about the actual contract and buyout terms.
Key points as I understand them --> Miles is under contract through Dec 31, 2019. If fired by Dec, 31 2015 his buyout would be $15 MILL. For 2016 and 2017 it's $12.6 MILL, etc..
Assuming he was fired Dec 2015:
* Total buyout figure is reduced by whatever he was already paid by LSU in that calendar year. So total buyout is reduced to $11.7 MILL (approximately).
* LSU is allowed to pay the total in monthly payments for the next 8 years (double the length of time remaining on his contract which ends 12/31/19). So LSU would be on the hook for $1.46 MILL per year for the next 8 years.
* Miles must seek new employment and whatever he earns at his next job is offset against the LSU payments.
* Summary - if Miles finds a new job and earns an average of only $1.4 MILL per year, LSU would never have to pay a nickel of buyout money. Oh, and if he is fired from another school and is owed a buyout from them, LSU's obligation is offset by that amount as well.
Please add to or correct me where applicable.
Key points as I understand them --> Miles is under contract through Dec 31, 2019. If fired by Dec, 31 2015 his buyout would be $15 MILL. For 2016 and 2017 it's $12.6 MILL, etc..
Assuming he was fired Dec 2015:
* Total buyout figure is reduced by whatever he was already paid by LSU in that calendar year. So total buyout is reduced to $11.7 MILL (approximately).
* LSU is allowed to pay the total in monthly payments for the next 8 years (double the length of time remaining on his contract which ends 12/31/19). So LSU would be on the hook for $1.46 MILL per year for the next 8 years.
* Miles must seek new employment and whatever he earns at his next job is offset against the LSU payments.
* Summary - if Miles finds a new job and earns an average of only $1.4 MILL per year, LSU would never have to pay a nickel of buyout money. Oh, and if he is fired from another school and is owed a buyout from them, LSU's obligation is offset by that amount as well.
Please add to or correct me where applicable.
10
Posted on 12/10/15 at 1:02 pm to The Mick
this would've been a great thread about 2 weeks ago
Posted on 12/10/15 at 1:04 pm to The Mick
You should email this to Alleva. I am sure no one LSU figured that out.
Posted on 12/10/15 at 1:04 pm to The Mick
if this is true it just goes to show how incompetent morons are running this place.
This gives me no hope that anyone with any sort of power at LSU is capable of pulling the trigger to get rid of miles or hire anyone to replace him
This gives me no hope that anyone with any sort of power at LSU is capable of pulling the trigger to get rid of miles or hire anyone to replace him
This post was edited on 12/10/15 at 1:05 pm
Posted on 12/10/15 at 1:08 pm to The Mick
quote:
Let it go
Let it go
Can't hold you back anymore
Let it go
Let it go
Turn my back and slam the door
Posted on 12/10/15 at 1:08 pm to The Mick
Yeah, sure, but there is certainly risk involved, as LSU would owe that cash regardless of any other facts.
If you buy a house, and the note is $1500, you can get somebody to pay you that amount to live in the house and it will therefore not cost anything to own. But you better have a renter lined up, and even then, you cannot control how long they rent it for.
If you buy a house, and the note is $1500, you can get somebody to pay you that amount to live in the house and it will therefore not cost anything to own. But you better have a renter lined up, and even then, you cannot control how long they rent it for.
Posted on 12/10/15 at 1:13 pm to The Mick
WOAH! BREAKING NEWS!
Posted on 12/10/15 at 1:16 pm to The Mick
Regarding the fact the Miles had to seek new employment, which would offset some buyout costs, I am guessing that Miles was not planning to coach again and LSU knew that. Which means the buyout amount would have remained high.
Posted on 12/10/15 at 1:19 pm to The Mick
Posted on 12/10/15 at 1:35 pm to The Mick
quote:
* Summary - if Miles finds a new job and earns an average of only $1.4 MILL per year, LSU would never have to pay a nickel of buyout money. Oh, and if he is fired from another school and is owed a buyout from them, LSU's obligation is offset by that amount as well.
Did Mack Brown find another job?
Posted on 12/10/15 at 1:59 pm to The Mick
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