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re: The buyout is just under $9.4 Million and decreasing daily...

Posted on 10/2/17 at 6:21 pm to
Posted by Martin Blank
Member since Sep 2005
397 posts
Posted on 10/2/17 at 6:21 pm to
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.
Posted by LlyodChristmas
The Abandoned Jazzland
Member since Jan 2013
2168 posts
Posted on 10/2/17 at 6:35 pm to
quote:

Martin Blank

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