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BP Buyout Question
Posted on 12/14/20 at 10:35 am
Posted on 12/14/20 at 10:35 am
quote:
Pelini's buyout equals the total amount of base salary and compensation left in his contract. If he's fired without cause in his first year, LSU would owe him about $6.9 million; if he's fired without cause in his second year, about $4.6 million; and his buyout would be about $2.3 million in his final year.
So when does his 2nd year officially start? Is it a certain date or after the final game of 2020?
EDIT: I realize that it doesn't really matter because he would have been paid for 2020 anyway, but for optics.
This post was edited on 12/14/20 at 10:44 am
12
Posted on 12/14/20 at 10:36 am to bayou85
quote:
So when does his 2nd year officially start? Is it a certain date or after the final game of 2020?
I would assume after the conclusion of the 2020 season, not just when LSU is done. I'm probably wrong
Posted on 12/14/20 at 10:37 am to bayou85
I believe it’s the first of every year. I may be wrong tho. I do remember some people say LSU hasn’t fired him already because they are waiting for the buyout to go down
Posted on 12/14/20 at 10:37 am to bayou85
quote:
So when does his 2nd year officially start? Is it a certain date or after the final game of 2020?
It doesn't matter
He is getting paid that amount regardless if he is coaching or not.
Posted on 12/14/20 at 10:38 am to Lester Earl
however, March is usually the month contracts renew i think
Posted on 12/14/20 at 10:38 am to bayou85
he probably isn't paid a lump sum at the beginning of each season, so when the year technically starts doesn't really matter, and whether we wait for the year to start or not he would be getting the same amount, just a change in the split between salary and buyout.
Posted on 12/14/20 at 10:39 am to bayou85
I’m not sure but it doesn’t really matter. We have to pay him the same total amount no matter what.
Posted on 12/14/20 at 10:39 am to bayou85
Yeah I don’t think it matters, because even if he was fired before the contract year begins, the payout would be prorated/reduced by what he’s already made the current contract year.
In other words, of his $2.3 million salary this year, let’s say he’s already been paid $2.1... we only owe him the 200k plus the next 2 years at 2.3/yr
In other words, of his $2.3 million salary this year, let’s say he’s already been paid $2.1... we only owe him the 200k plus the next 2 years at 2.3/yr
This post was edited on 12/14/20 at 10:43 am
Posted on 12/14/20 at 10:41 am to bayou85
Posted on 12/14/20 at 10:42 am to bayou85
quote:
Pelini's buyout equals the total amount of base salary and compensation left in his contract.
Basically he is to be paid the remainder of his contract. If they fired him next Sunday he would get whatever was left as a "buy out." Either they pay him as an employee of LSU or they pay him the remainder as a ex-employee of LSU. Either way, it's almost assuredly the same amount.
Posted on 12/14/20 at 10:54 am to bayou85
quote:
if he's fired without cause in his second year, about $4.6 million; and his buyout would be about $2.3 million in his final year.
is worst defense in the history of the program enough cause?
Posted on 12/14/20 at 10:59 am to TigerStripes30
quote:
is worst defense in the history of the program enough cause?
lol I don't think that would have legal standing.
Posted on 12/14/20 at 11:13 am to bayou85
The BP buyout talk temporarily ended with the Florida win. With
a drumming of Ole Miss, he's socked in for 2 more years.
a drumming of Ole Miss, he's socked in for 2 more years.
Posted on 12/14/20 at 12:08 pm to ewilliams000
quote:We gave up 600 yards of total offense. This is false.
The BP buyout talk temporarily ended with the Florida win. With
a drumming of Ole Miss, he's socked in for 2 more years.
This post was edited on 12/14/20 at 12:09 pm
Posted on 12/14/20 at 12:49 pm to bayou85
Coordinating a defense that allowed Costello to throw for 623 yards should be cause enough.
Posted on 12/14/20 at 6:22 pm to LSU5809
We gave up 600 yds but we won, playing 8-1 Florida. Small miracle.
Posted on 12/14/20 at 7:39 pm to bayou85
quote:
If he's fired without cause in his first year, LSU would owe him about $6.9 million; if he's fired without cause in his second year, about $4.6 million; and his buyout would be about $2.3 million in his final year.
I wouldn’t assume that LSU would be required to pay that $6.9M in a lump sum. Most of the time in such cases, the school is only obligated to continue paying the annual salary until the contract expires (a deal like we had with Miles). This allows the school to offer a lower lump sum buyout if the coach wants his money immediately.
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