Vols and Dooley Ink Agreement
The University of Tennessee athletic department is a solely funded entity and uses no monetary dollars from the university. No monetary academic dollars are used from the institution to support athletics.
By: BE Coleman
The University of Tennessee and their 22nd head football coach Derek Dooley, have mutually agreed to the terms of his coaching contract. The new head coach put ink to the deal on March 3rd that was announced on March 31st.
The deal includes buyouts for both parties and includes achievement incentives for Dooley.
The six year contract is worth $12.3 million dollars that was created by David Woodall. It is a memorandum of understanding for Dooley that averages $2.05 million in annual base salary compensation over six years.
The contract covers eleven topics involving eleven areas of certification that Dooley signed off in full agreement.
If Dooley elects to leave the program before February 15th 2012, he would owe back to the athletic department $4 million dollars, which degrades each year.
Dooley would owe $3 million the following year – 2103. In 2104 he would owe $750 thousand and $500 thousand in 2015.
The buyout agreement is considerably larger than previous head coach Lane Kiffin who only had to pay an $800 thousand payback amount under his agreement deal.
The athletic department side of the mutual agreement is higher to buyout Dooley's contract.
Dooley would be paid $5 million dollars through February 15th of 2013, degrading to $4 million for the following year that is an increased offset of 1 million dollars.
The 42 year old coach who enters his fourth season as Div 1A – FBS coach and his first at a major BCS university has built in incentives that enhance his pay scale.
The pay scale increases from $1 million to $2.3 million for off field success by the players. He will also be provided with two automobiles, but he is liable to maintain the insurance for both vehicles personally.
Dooley will receive $150 thousand for a BCS game appearance, and an additional $200 thousand for a BCS Championship.
An SEC Championship appearance equals $80 thousand and an additional $150 thousand for an SEC Championship.
A non BCS Bowl appearance by the team is rewarded with a $40 thousand dollar bonus.
Being named SEC Coach of the Year is rewarded with a $25 thousand dollar bonus that will double to $50 thousand if named National Coach of the Year.
The coach will also be eligible for a $50 thousand dollar bonus for an "Academic Bonus," as long as the team continues meeting the mandated NCAA APR of 925.
Dooley will also be provided moving assistance that is deemed to be "reasonable."
The UT Athletic Department will also buyout Dooley's contract with Louisiana Tech of $500 thousand and pay $286 thousand dollars in owed taxes to the IRS, that is a total payback amount of $786 thousand dollars.
The University of Tennessee athletic department is a solely funded entity and uses no monetary dollars from the university. No monetary academic dollars are used from the institution to support athletics. The athletic department does help to fund institution academics from athletic proceeds unto the university.
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