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PETRINO CONTRACT IN DETAIL : 2014: UA odyssey Published: Tuesday, December 09, 2008 PRINT E-MAIL FAYETTEVILLE — Arkansas Coach Bobby Petrino signed a seven-year contract this fall with unusual slidingscale buyout terms that would make it financially prohibitive for either Petrino or Arkansas to part ways any time soon. For instance, Petrino’s buyout should he leave for another job before the end of the year would be $ 8. 75 million. Arkansas would have to pay the same amount if it chose to terminate the agreement without cause before Jan. 1, 2009. A copy of Petrino’s 39-page contract was obtained from the university by the Arkansas Democrat-Gazette on Monday through Freedom of Information Act requests. Petrino’s contract differed from the original letter of agreement he signed last Dec. 11 in a couple of major respects:
The term of the original agreement was for five years at $ 2. 85 million per year, two years shorter than his signed contract. The original buyout language called for $ 2. 85 million in liquidated damages if Petrino were to accept another job within his first four years at Arkansas. The creative buyout language on his official contract was a way for both parties to show a commitment, Arkansas Athletic Director Jeff Long said. “These things are always negotiations until you get to the final product,” Long said. “As we began to talk, we felt stronger toward each other, from my perspective, and I think a longer term was something both of us wanted. “ The mutual buyout was something we felt strong about, and again, it’s a sign that we’re committed to each other.” Petrino just completed his first season with the Razorbacks with a 5-7 record and out of the postseason. There were reports out of Alabama last week that an unofficial representative of Auburn contacted people close to Petrino to gauge his interest in succeeding his former boss, Tommy Tuberville, who stepped down last Wednesday. “I have no interest in it,” Petrino said on The Sports Animals radio show on KARN. “My heart and my mind are committed to the University of Arkansas, and I’m really looking forward to the off-season and spring ball and getting started on next year.” Petrino’s new buyout works on a cumulative, sliding scale, and is reduced by $ 2 million after Dec. 31, 2008, and another $ 2 million after Dec. 31, 2009, meaning it would be $ 4. 75 million after that season. The increment falls by $ 1. 75 million at the end of 2010, by $ 1. 5 million the following year, by $ 1 million the next year and by $ 500, 000 after the 2013 season. In the seventh and final year of the contract, there is no buyout clause. The original achievement incentives included in Petrino’s deal — such as $ 200, 000 for winning the BCS national championship game, $ 100, 000 for appearing in the BCS national championship game, $ 50, 000 for winning or tying for the SEC West title and $ 75, 000 for appearing in a nontitle BCS game — remained the same. Petrino’s signed contract also includes incentives tied in to the football team’s academic performance rate and its graduation rate. Both parties agreed the buyout terms needed to be stiff. Petrino’s agent, Birmingham, Ala.-based Russ Campbell, said Petrino had a long-term approach to the Arkansas job. “I think Bobby was very clear about that,” Campbell said. “Bobby recognized the importance of the situation he was in as a result of what happened in Atlanta. “ He didn’t hesitate to give Arkansas the kind of commitment they were looking for.” Campbell said the current trend in college coaching is toward increasing salary guarantees to the coaches and increasing buyouts to protect the university’s interests. “We’re seeing some different trend lines,” Campbell said. “Everyone has to recognize there’s little to no job security in coaching these days.” Petrino had a 41-9 record at Louisville, his only other collegiate head coaching job before taking the reins at Arkansas last December. “I’m excited to have Bobby here, committed to building a strong program,” Long said. “And it takes time to build a strong program.” Yesterday's Most Popular 1. HOG FUTURES JERRY MITCHELL : Hurricane brings Mitchell to Hogs 2. THE RECRUITING GUY : Purifoy's size fits into UA's plans 3. Iowa prep standout Kelly joins UA track 4. Former Diamond Hog Richards inks contract with Marlins Today's Most E-mailed |
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