wlayton wrote:
Interesting info on why UGA won't get rid of CMR this year (financial #'s).
"And all those folks who wanted to let Richt and his staff go after this season probably haven’t looked at what it would cost. It doesn’t take a lot of checking to see that such a decision, which would have included Richt’s buyout (just under $7 million) plus the cost of buying out the assistants would have cost Georgia in the $9-10 million range. Then you have to hire a new coach (at least $3 million) and another staff. So right now that would be about a $15 million decision for Georgia. I don’t think that was a factor in this decision but in this economy you can’t pretend that it doesn’t exist."
Have seen some numbers also wlayton, some close to what you posted.
A lot of folks look at the prospect of paying out 15/20 million dollars and it drives them to drink. Not comfortable with the numbers myself.
You are a numbers man, and sometimes folks look for solutions to problems such as this.
If UGA continues on the path we are on, that 15/20 million is going to look real small compared to what will be lost in a short stretch of 2 years.
People are hurting and they still mustered up the money to spend Saturdays in Athens. Folks in South Georgia are not going to make that trek. The same folks that have young men that UGA wants and needs. Those athletes will head to FSU, UF. Folks in West Georgia, same thing. Auburn will out recruit us hands down. Columbus has always been a hot bed for Auburn. Not to mention, when Saban calls, it has the same tone that the "Bear" had, and players came running. He is the new pied piper of Tuscaloosa.
I would propose this to Richt and his entire coaching staff. You think you can turn this program around in short order? Want each and everyone of you to take a 50% cut in your incomes. Sacrifice like the folks that are making that trek to Athens, show some compassion. Taking a 50% cut does not put these coaches on skid row, it shows folks like me and others that you are fully commited to turning UGA around. Can't do that . . . I say each and everyone of you get the hell out of Athens. That is the way I would hit the bargaining table if I were in charge. I was self employed most of my working life, and I would say this to Richt, using his words from an earlier interview. "More than one way to skin a cat", believe he said that. Pissed me off with that statement as I have a cat that is damn close now for many years. I will stop for now . . . maybe . . . let me sit at the bargaining table. Will find out just how self righteous Richt is.
Does this sound like a man that has not and will continue to prosper after all of this over?
Richt’s contract — most recently amended in 2008 — runs through the 2013 season and pays him at least $2.9 million per year. That includes five sources of annual compensation: $378,000 in base salary, $1.12 million for radio and TV shows, $140,000 for operating a football camp, $742,000 for equipment endorsement efforts and $520,000 per year in longevity bonuses that would be payable at the end of the contract. The contract also includes incentive bonuses based on team performance. The contract’s buyout provisions, which would determine the amount of money UGA would owe Richt if it fired him without cause, are complex. For starters, he would be owed his full compensation during the first six months after notice of termination, except the portion attributed to operating a camp. Then, for the rest of the calendar year during which the termination became effective, he would be entitled to all five sources of compensation. For each subsequent full calendar year left on the contract after that, Richt would be paid only — the word “only” is underlined in the contract — an amount equal to his base salary and equipment endorsement income. According to calculations by The Atlanta Journal-Constitution, Richt would be owed approximately $5 million if he were to be dismissed shortly after this season. That figure does not include longevity bonuses Richt would be due for years previously worked. Under terms of his 2008 contract amendment, Richt will be due a longevity bonus of $3.12 million by Jan. 30, 2014, if he completes the contract. That would amount to $520,000 per season since the start of ‘08. If he is dismissed without cause before the end of the contract, Richt would receive a portion of the longevity bonus based on seasons worked since the start of ‘08. According to the amended contract, the longevity bonus due Richt if he is terminated without cause would be $420,000 for each completed season (prorated for partial seasons) since the start of ‘08, plus an additional $600,000. If the contract were terminated by UGA after this season, the longevity bonus due Richt would be $1.86 million, compared to the $3.12 million bonus he would receive for completing the deal.