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Started By
Message
The buyout is just under $9.4 Million and decreasing daily...
Posted on 10/1/17 at 10:46 pm
Posted on 10/1/17 at 10:46 pm
Ok. I'm no lawyer so someone please correct me if I'm wrong. Doing this on my phone so forgive the typos..
Link to BoS meeting agenda from March
The above link is a 159 page agenda. 34 pages of which are Ed Orgeron's contract. Scroll down to about page 146/147 of the document and you'll see the buyout portion. The buyout was $12 million at the beginning of 2017 and 'only' $8.5 million on January 1, 2018. The contract has very specific language explaining via example that if he were fired on 11/30/2018, LSU would owe him $5,291,677.
Still a ridiculous buyout but $3.5 milion better than we thought.
Note: I cannot find a copy of his approved contract so I am assuming that this one was approved and nothing has changed from it.
Link to BoS meeting agenda from March
The above link is a 159 page agenda. 34 pages of which are Ed Orgeron's contract. Scroll down to about page 146/147 of the document and you'll see the buyout portion. The buyout was $12 million at the beginning of 2017 and 'only' $8.5 million on January 1, 2018. The contract has very specific language explaining via example that if he were fired on 11/30/2018, LSU would owe him $5,291,677.
Still a ridiculous buyout but $3.5 milion better than we thought.
Note: I cannot find a copy of his approved contract so I am assuming that this one was approved and nothing has changed from it.
This post was edited on 10/1/17 at 11:43 pm
Posted on 10/1/17 at 10:55 pm to notbilly
Correct. Media loves the gotcha headline of $12M, though.
This post was edited on 10/1/17 at 10:57 pm
Posted on 10/1/17 at 10:56 pm to notbilly
He's toast at the end of the season with a 3-9 record.
Posted on 10/1/17 at 10:57 pm to notbilly
So let’s fire Yaw Yaw on January 1.
Posted on 10/1/17 at 10:58 pm to notbilly
Interesting, but I've read several times that his buyout reduces to 6 million on 1/1/19. That doesn't square with your 11/30/18 number of 5,291,677.
But I hope you're right.
But I hope you're right.
Posted on 10/1/17 at 10:59 pm to notbilly
quote:
he were fired on 11/30/2018, LSU would owe him $5,291,677.
Do you realize how much damage he can do by the end of next season.
Once he knows he is a lame duck, you really think he will even pretend to recruit.
Whoever follows him in 2019 will have absolutely nothing to work with.
Hell, it won't surprise me if some of the best players from this freshman class transfer.
Posted on 10/1/17 at 10:59 pm to notbilly
So does this mean it can happen?
Posted on 10/1/17 at 11:22 pm to notbilly
So we will owe him $12 million overall whether we fire him this year, next year, or the following.
Posted on 10/1/17 at 11:27 pm to notbilly
Huh. Interesting find. Thanks for digging that out. The article that I read was outright wrong in how it characterized it. If fired right now the buyout is $12m, but that goes down in the next calendar year. $8.5m does still suck though.
Edit: nvm. I read the details more. It's even less. It's the max less wages paid in the current year. Ok.
Edit: nvm. I read the details more. It's even less. It's the max less wages paid in the current year. Ok.
This post was edited on 10/1/17 at 11:33 pm
Posted on 10/1/17 at 11:30 pm to notbilly
So basically it's 12 million - what we've paid him to date?
Posted on 10/1/17 at 11:36 pm to notbilly
Wonder if you could fire him with cause.
It says you can fire him for
"Unreasonably refusing or repeatedly failing to perform any duties imposed upon COACH herein (included, but not limited to, those duties and responsibilities set forth in section 3) or failing to perform the same to the best of the COACH's reasonable ability, after written notice to COACH of LSU's reasonable expectation.
**part V of Termination section**
SECTION 3 part A says
"Administering, managing, and leading the Program in a professionally appropriate and competent manner which allows the Team to effectively compete in the football classification generally known as the Power Five, within National Collegiate Athletic Association ("NCAA") play
So if LSU finishes with 4-5 wins total, would that be considered to not be effectively competing?
Can they give him a written notice (this week) of LSU's expectations to win 7 games this year? If he doesn't attain that could it be means to fire him with cause?
I am grasping at straws here--lol
It says you can fire him for
"Unreasonably refusing or repeatedly failing to perform any duties imposed upon COACH herein (included, but not limited to, those duties and responsibilities set forth in section 3) or failing to perform the same to the best of the COACH's reasonable ability, after written notice to COACH of LSU's reasonable expectation.
**part V of Termination section**
SECTION 3 part A says
"Administering, managing, and leading the Program in a professionally appropriate and competent manner which allows the Team to effectively compete in the football classification generally known as the Power Five, within National Collegiate Athletic Association ("NCAA") play
So if LSU finishes with 4-5 wins total, would that be considered to not be effectively competing?
Can they give him a written notice (this week) of LSU's expectations to win 7 games this year? If he doesn't attain that could it be means to fire him with cause?
I am grasping at straws here--lol
Posted on 10/2/17 at 1:51 am to notbilly
Whether he stays or goes, he gets his money. If he stays on the payroll ruining our football program, he continues to get paid and the buyout continues to go down, but he's already getting it in salary. If we fire him, he gets his buyout out. Sounds like he needs to be fired so we can try to turn around the program faster and make Aleva pay O his buyout.
Posted on 10/2/17 at 8:43 am to notbilly
2018 is the year. 15 months doesn't seem like a long time really.
Posted on 10/2/17 at 9:17 am to notbilly
Everyday is one day closer to plus side of plus/minus cost evaluation. Just two or three months to go.
Posted on 10/2/17 at 9:45 am to notbilly
Can't they get him to quit?
Man, move his office to the janitor basement. Move his parking space to the Walmart on College. People aren't thinking creatively enough.
Man, move his office to the janitor basement. Move his parking space to the Walmart on College. People aren't thinking creatively enough.
Posted on 10/2/17 at 11:36 am to notbilly
LSU puts all of its athletic contracts online now, no doubt to stem the tide of FOIA requests. See link below for Alleva, Orgeron, and others:
All LSU Athletic Contracts
All LSU Athletic Contracts
Posted on 10/2/17 at 6:19 pm to notbilly
I hate the talking heads on PTI, but Tony had a point today when he said “LSU can raise the money in an hour”... the money is there. It’s just a matter of the shot callers pulling the trigger. Need to pay that Aleva buyout first tho
Posted on 10/2/17 at 6:21 pm to notbilly
Even better, the financial details of Alleva's contract won't prevent him from being fired at all. In fact, once fired Alleva will cost about as much as a shadow staffer, for 5 1/2 years.
Alleva's contract runs from July 1 to June 30 of each year, now til June 30, 2020. If he were fired today he'd be owed 33 months of pay (3 months of 2017, 12 months of 2018, 12 months of 2019 and 6 months of 2020).
Alleva makes $725,000 per year. Of that, $525,000 is his base salary. The remaining $200,000 is from "affiliated foundation funds" - probably TAF money.
Just like the Miles buyout, the amount of Alleva's buyout is whatever he's owed until June 30, 2020, less any money he makes doing other things, payable monthly over twice the months remaining. However, his buyout is based ONLY on the $525,000 base. The $200,000 in TAF money is NOT included in calculation of his buyout.
By my math, $525,000 a year is $43,750 per month. If you multiply that times 33 months, the full, unreduced buyout amount would be $1,443,750 if Alleva was fired today.
Alleva has the same "best efforts" clause Miles had, too. Let's assume he could make $200,000 a year ($16,666.67 a month) as a small school AD (his original base at LSU in 2008 was $325,00 per year). He either goes and gets a job that pays that, or if he doesn't LSU's attorneys can assume he could have if he used best efforts, and simply take a credit in that amount.
If he doesn't like it, he can sue LSU in state court in Baton Rouge and take his chances with a a 19th JDC jury. Over 33 months that offset of $200k a year/$16,666.67 per month would total about $550,000. So to make the number round, let's call the real buyout $900,000.
LSU can pay that buyout over twice the months like Miles - here that's 66 months, right at 5 1/2 years. So using the $900,000 figure, stretching it over 66 months gets you $13,636.37 per month, or just south of $165,000 a year. That's essentially like hiring an extra member of the "shadow staff" in terms of annual salary. Budget-wise this is a drop in the bucket, so an Alleva firing should not be blocked by any financial issues.
Alleva's contract runs from July 1 to June 30 of each year, now til June 30, 2020. If he were fired today he'd be owed 33 months of pay (3 months of 2017, 12 months of 2018, 12 months of 2019 and 6 months of 2020).
Alleva makes $725,000 per year. Of that, $525,000 is his base salary. The remaining $200,000 is from "affiliated foundation funds" - probably TAF money.
Just like the Miles buyout, the amount of Alleva's buyout is whatever he's owed until June 30, 2020, less any money he makes doing other things, payable monthly over twice the months remaining. However, his buyout is based ONLY on the $525,000 base. The $200,000 in TAF money is NOT included in calculation of his buyout.
By my math, $525,000 a year is $43,750 per month. If you multiply that times 33 months, the full, unreduced buyout amount would be $1,443,750 if Alleva was fired today.
Alleva has the same "best efforts" clause Miles had, too. Let's assume he could make $200,000 a year ($16,666.67 a month) as a small school AD (his original base at LSU in 2008 was $325,00 per year). He either goes and gets a job that pays that, or if he doesn't LSU's attorneys can assume he could have if he used best efforts, and simply take a credit in that amount.
If he doesn't like it, he can sue LSU in state court in Baton Rouge and take his chances with a a 19th JDC jury. Over 33 months that offset of $200k a year/$16,666.67 per month would total about $550,000. So to make the number round, let's call the real buyout $900,000.
LSU can pay that buyout over twice the months like Miles - here that's 66 months, right at 5 1/2 years. So using the $900,000 figure, stretching it over 66 months gets you $13,636.37 per month, or just south of $165,000 a year. That's essentially like hiring an extra member of the "shadow staff" in terms of annual salary. Budget-wise this is a drop in the bucket, so an Alleva firing should not be blocked by any financial issues.
Posted on 10/2/17 at 6:26 pm to notbilly
Between you and JPLSU1981, I feel like I've read the two best TD posts in quite some time. Well-informed and very well-constructed. You two deserve alot of credit and a thousand upvotes
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