The Buyout
- Thread starter AirRaid08
- Start date
That’s not the way that works. Using retaliatory tactics to get someone to quit is basically the same as firing them. It would open UK up not only to the buyout but a potential libelous lawsuit for damaging Stoops career.
Stoops listening to A&M was considered a huge job upgrade for him. He might not be so eager to take a lesser job. A SEC coaching job is a major job compared to any conference coaching job except a couple of schools in BIG Ten. (MI, OSU)
With Stoops looking like a dead man walking as UK's coach, how could he ever hire a good OC knowing it would be most likely a one year job and also be handcuffed to be an aggressive play caller. It won't and can't possibly happen. Stoops is a neutered coach when it comes to finding a really good proven OC.
You say that like it is an accomplishment. Being the winningest all time coach at UK is like being the smartest kid in special ED, not really that impressive.
There are going to be a lot of HC openings at the end of this year, I could see somebody coming for Stoops and he gets out before things go totally sour between him and the fan base. Hey after today Arkansas might be looking, he could reunite with Calipari!
Agreed. Give anyone enough time at a single
school and they can probably be the winningest coach.
Nobody wants Stoops. Unlike our delusional fan base, everybody else thinks he’s a joke. There is no Div I program that wants a team with zero offense. Talk about a program killer and buzzkill hire he would be. Seriously, the only fanbase that has an ounce of respect for Stoops, is a small minority of UK’s, and those same fans think a season where we look horrible beating 3 MAC schools, Vandy and Miss St, is the equivalent of winning the Super Bowl. The fact is, we will no longer be able to even do that moving forward with our schedule and lack of talent and coaching. Get ready for multiple losing seasons in a row.
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So many on her know zilch about football, especially offense football. No OC will make the UK offense without better players. Eddie Gran was a good OC but became the scapegoat for the entire team. UK loses their top PRs to the transfer so you have to ask why? They left because of low expecations the fan base has for Stoops, that talk is cheap and that if you dont have a great QB in the SEC you are doomed to never make the playoffs. Is Cutter a great QB? would he start for any other SEC team other than UK?
His current buyout is over $50mm. ($9mm x remaining years of contract 5.75 or $51.75mm). In 2026 when the contract rolls over in July?, that drops to 80% of the same formula, so ($9mm x remaining years 5 or $45mm x .8= $36mm and the entire amount is due within 60 days of his firing, which makes it impossible to have an offset clause where the amount would be lowered when he takes a new job.
TBF, 15 of those losses were to UGA and Bama and he is well over .500 against teams at .500 and below. He needs to be better than the last few years, but he was looking great pre 2023.
I believe after this year the buyout is around $40 million, not that it matters, they aren’t going to be buying him out anytime soon.
Hmm, this is the second time I've seen this calculation. However, multiple times I seen a different calculation. The later calculation make no mention of a 80% number. Instead those post insist it 75% instead of 80%. In addition they make no mention of it not dropping until next July.
I don't know which to believe.
Do you have a link to back up your numbers or have you read the contract?
100% agree. Mitch made a boneheaded deal and we’re gonna be stuck with it. Hoping the new schedule will scare him off.
There's no need to believe when I literally wrote what is in his contract. The only variable I am not sure about is the actual date when it drops from 100% of his remaining contract to 80%. I believe it is in July when his contract year rolls over. That means from after the final game this season, until that date, his buyout is $45mm. The day it rolls over and his buyout drops to 80% of remining salary, then it will drop to $36mm.
lol, really? Which tax bracket do you think he falls in if he takes, say, $1mm per year for 36 years?
Single filers
- 10% on income up to $12,400
- 12% on income from $12,401 to $50,400
- 22% on income from $50,401 to $105,700
- 24% on income from $105,701 to $201,775
- 32% on income from $201,776 to $256,225
- 35% on income from $256,226 to $640,600
- 37% on income over $640,600
You have to read the contract and it's a bit confusing because each contract extension is filed as an addendum to the original, so only the language that differs from the original is presented. The 100%/80%/60% buyout clause is clearly explained, though the dates those milestones hit are less clear.
Because of Glitch Brainfart's horrible negotiating skills, if we do want to get rid of Stoops after this year, UK Athletics' only viable option would seem to be to get a loan for whatever the buyout amount is. That way, the buyout amount becomes an accounting line-item (albeit, a substantial one), rather than an insurmountable hurdle that's due all at once. Hopefully they can arrange a sweetheart deal at a favorable interest rate with Central Bank or something.
Borrowing money to pay an ex coach is not a winning financial strategy. In all reality a new coach will not make the football any more money than the old coach.
I agree, it's not, and it's due to our AD's sh!tty contract negotiations. Unless there's a pile of money somewhere, though, it's the only semi-viable way out that's apparent to me.
Of course, this discussion is contingent on the football team having another miserable season. As a fan, I hope that doesn't happen. IF it does, though, and fan support craters, Barnhart will be stuck between a rock and a hard place.
Debt payoff schedule for $36mm at 4.9% interest and paying a fixed $250k a month until it is gone. You can pay off your debts in 218 months (18 years and 2 months) by making fixed payments of $250,000.00 every month. You will need to pay a total of $54,400,598.23, of which the total interest is $18,400,598.23. This is what you were thinking? lol
Don't kid yourself, Stoops is still decently well regarded in the fan base as a whole. He hasn't gotten to "joker's last year" levels of hatred...... yet.
Thanks, I tried to read the contract several years ago. I'd say it's more than a bit confusing. I'm not an attorney and gave up.
Thanks for the reply.
Your math is just one half of the picture. The other half of the picture is that UK Athletics' budget for 2024-25 shows revenues of $188.4 million (an increase of over 5% for each from the prior year). Let's assume for the sake of discussion that revenue increases at 3% annually, which is conservative. Total projected revenues using the same 18-year, 2-month period would be about $4.42 billion (I think my math is right, LOL). Your total payment figure above would amount to 1.23% of total revenues over that time period. With 5% revenue growth, total revenues would be $5.375 billion, and the % even smaller, a hair over 1%.
While not great, it's manageable, and the above assumes no help from boosters, which would lighten the load. Anyway, we're only having this discussion because our AD is a dolt when it comes to contract negotiations.
UK football ain’t buying anybody out for anywhere near that much, lol.