Is the Hazell buyout a lump sum?

[ss32000]

I've seen a lot of discussion of the buyout being somewhere in the six million range, but does anyone know if it's a lump sum? Most coaches contracts guarantee that salary over the lifetime, but it can be offset by another job. For example if Hazell was guaranteed two million next year, but found a job for 500k, Purdue would be on the hook for 1.5M and not the 2M. It obviously is a big number regardless, but it might be less than I've seen floated here depending upon the deal structure.

 

[tigerchump]

I've seen a lot of discussion of the buyout being somewhere in the six million range, but does anyone know if it's a lump sum? Most coaches contracts guarantee that salary over the lifetime, but it can be offset by another job. For example if Hazell was guaranteed two million next year, but found a job for 500k, Purdue would be on the hook for 1.5M and not the 2M. It obviously is a big number regardless, but it might be less than I've seen floated here depending upon the deal structure.

I asked this question in another post.Why couldn't they pay him 660000 annually for ten years?If a successful coach is found to replace him ,that wouldn't be a huge annual amount to pay him.

 

[PalmCoastFl]

Cheap........considering we are losing at least about 1.5mil in ticket revs...............

 

[uncleboiler]

No, it's not a lump sum. He'll get paid monthly just like he is now thru the remainder of his contract.
However, there is also a clause that he must make a good faith effort to seek other employment as a Head coach,asst coach etc. in college or the pro's (if he would decide he just wants to retire from coaching, he gets nothing) He will need to send Purdue periodic updates on his job search progress. Once he gets a new job, his new salary will be deducted from the Purdue payments.

https://assets.documentcloud.org/documents/1344013/darrell-hazell-contract.pdf

 

[New Pal Boiler]

No, it's not a lump sum. He'll get paid monthly just like he is now thru the remainder of his contract.
However, there is also a clause that he must make a good faith effort to seek other employment as a Head coach,asst coach etc. in college or the pro's (if he would decide he just wants to retire from coaching, he gets nothing) He will need to send Purdue periodic updates on his job search progress. Once he gets a new job, his new salary will be deducted from the Purdue payments.

https://assets.documentcloud.org/documents/1344013/darrell-hazell-contract.pdf

Once Vandalay Industries sees his recruiting rankings, they will cancel his interview for the latex sales position.

 

[Hatter22]

I don't understand why there is no "out" in there for Purdue. Can't you include in the contract some language that says the money for years 4-6 is not guaranteed if the coach fails to win, say, 9 games in the first 3 seasons? If a coach isn't sure he can win 9 games in the first 3 seasons, why would he want the job and why would I want to hire him?

 

[Summy1]

No, it's not a lump sum. He'll get paid monthly just like he is now thru the remainder of his contract.
However, there is also a clause that he must make a good faith effort to seek other employment as a Head coach,asst coach etc. in college or the pro's (if he would decide he just wants to retire from coaching, he gets nothing) He will need to send Purdue periodic updates on his job search progress. Once he gets a new job, his new salary will be deducted from the Purdue payments.

https://assets.documentcloud.org/documents/1344013/darrell-hazell-contract.pdf

This would be great news for Purdue. So really, Purdue might not have to pay him the whole 6.6 million. And if it is taken out each month and not one lump sum Purdue could afford it. Burke doesn't have any excuses now.

 

[Heiner]

Once Vandalay Industries sees his recruiting rankings, they will cancel his interview for the latex sales position.

He has experience as an importer/exporter

 

[uncleboiler]

He has experience as an importer/exporter

I think he lied in his interview. He Imports chips...potato and some corn, and exports diapers...but he told Burke he only imports matches...the long ones. I'm no lawyer, but I think Purdue has a case!