FAYETTEVILLE — On the three-year anniversary of Bobby Petrino’s arrival as the head coach at Arkansas, Petrino agreed to a new seven-year deal Saturday with an average salary of $3.56 million and a blockbuster buyout plan.
The new agreement, which begins Jan. 1, 2011, extends through 2017 and includes a noncompete clause that essentially makes Petrino off-limits to the rest of the SEC.
With a buyout of $18 million for each of the next two years, decreasing in minor increments to $3.925 million in 2017, it appears Petrino has committed to Arkansas for the long haul.
Petrino, who has led Arkansas to a 10-2 record and its first Bowl Championship Series berth in the Sugar Bowl, will receive a $500,000 bonus for signing the contract. Petrino signed the agreement letter, dated Saturday, but the actual employment agreement is still in the process of being formalized.
The increase in his average salary is reflected in a couple of longevity bonuses, along with increases in his compensation for TV and radio appearances, speaking fees and deferred payments. His base salary of $1.9 million remained unchanged.
The $3.56 million average salary ranks seventh in the country and third in the SEC, according to a survey of salaries by USA Today last week.
An announcement of the agreement, released by the UA media relations department Saturday evening, contained statements by Petrino and Arkansas Athletic Director Jeff Long, who have not responded to interview requests in recent days.
“I am excited to express my commitment to the University of Arkansas,” Petrino said in the release. “Chancellor [Dave] Gearhart and Jeff Long have been tremendous in terms of their support and I appreciate the positive energy the fans have demonstrated. I look forward to continuing to dedicate myself to leading the Razorback football program.”
Long described Petrino as one of the most successful coaches in the country.
“This agreement demonstrates a mutual long-term commitment between Coach Petrino and the University of Arkansas,” Long said in the release. “Coach Petrino has done a tremendous job in leading the Razorback program to new levels of success both on and off the field.
“I appreciate his strong desire to remain at the University of Arkansas to continue to build our program and positively impact the lives of our student-athletes. I am excited about the direction of the Razorback football program and look forward to Coach Petrino serving as the head football coach of the Arkansas Razorbacks for many years to come.”
The magnitude of the two-way buyout plan might be unprecedented in college football.
“The mirror image buyout provisions included in the terms of the agreement reflect both parties’ serious commitment to each other and to the long-term success of Razorback football,” Long said. “That will help our ongoing fundraising efforts and send a clear message to prospective football student-athletes about the bright future of our program.”
Sources have told the Democrat-Gazette that Petrino and the the university have been engaged in discussions for at least a few weeks.
Petrino, 49, has compiled a 23-14 record in three seasons at Arkansas. While his overall winning percentage (.622) in Fayetteville isn’t near his career total as a college head coach (.737), his Razorbacks have won 15 of their past 18 games and will take a six game winning streak into the Sugar Bowl.
Petrino is receiving a bonus of $75,000 for reaching the Sugar Bowl this season, but his incentive for qualifying for a nontitle BCS bowl game beginning next year will be $125,000.
The largest incentive in the pact is $300,000 for winning the BCS National Championship Game.
Petrino was in the third year of his original contract, a seven-year package for which he was being paid $2.85 million per year. His original noncompete clause was for the rest of the SEC West, but the new deal extends to the entire SEC. His buyout was scheduled to drop to $3 million Jan. 1 on his original deal, but the new agreement is six times that amount.
Petrino’s Razorbacks practiced Saturday in the Walker Pavilion with the wind chill factor dipping into the lows 20s. Arkansas has a few days off for finals until practices resume Thursday.
The next big issue for Arkansas football will be its salary pool for its assistant coaches. The nine on-thefield assistants have a combined salary of $1.945 million per year, a figure that ranked in the top third of the league when Petrino hired his first staff in late 2007, but now is believed to rank 10th among the 12 SEC teams.
Sports, Pages 27 on 12/12/2010