Bielema and Long's full contracts

[NuttinItUp]

From 40/29 news.

The UA announced Wednesday that Jeff Long would no longer serve as director of athletics. A press release from the schools aid "The university will honor the provisions of Long's contract, which currently runs through June 30, 2022."

Long's latest contract amendment listed an annual salary of $750,000.

Bret Bielema's amended contract runs from December 4, 2012 to December 31, 2020. His annual salary "from public and private funds" was listed at $2.95 million.

The contract amendment says that if the university terminates Bielema's contract early, he will be paid a certain sum. The sum for a termination in 2017 is listed at $15.4 million. The sum for a termination in 2018 is listed at $11.7 million.

Jeff Long's contract, including all six amendments.

Bret Bielema's contract. (link)

First amendment to Bret Bielema's contract. (link)

[NuttinItUp]

So, reading that, it looks like we are on the hook for Long's full $4.5 million and Bielema's $11.7 million (assuming January 1) or $15.4 million (if before January 1).

Is that correct?

[woodrow hog call]

Man I hope they have that Brett Raines guy digging into all of this, he can make it all sound like a murder mystery.

[NuttinItUp]

Man I hope they have that Brett Raines guy digging into all of this, he can make it all sound like a murder mystery.

Well, there was that Arkansas Democrat Gazette article a few weeks ago that said they had an attorney look at it and Bielema's buyout was only going to be $5+ million. (can't remember the exact amount)

But, I do not see how that squares with the actual contract.

[Bebop]

If Bielema's contract is the full 15.4 to 11.7 million come January and not as a result of the entirety of his contract, then I could see this being another reason that Long got fired.

[HogFoo]

nm

[ricepig]

I am reluctant to share anything with any of you, but here it is, so you can believe it or not, I'll put it this way.  Ive heard or rather, read something a few hours ago,  and according to the letter, Long will NOT be owed a buyout.   Im not going to elaborate on anything other than that.  But he is NOT going to be paid a buyout according to what I read today. 

  I will say one more thing, that the letter was pretty matter of fact, "leave your keys on the table when you leave, turn in your 2 cars when you leave on so and so day...if You have any problem with this call so and so...."   just very cold.  And to the point.  Anyways.   That's good news tho. Haha

So the letter from Steinmetz saying he would be paid was just window dressing? I would imagine his attorney would think it was serious.

[HogFoo]

.

[NuttinItUp]

he'll be paid what he was owed  as of today. If I read everything correctly, and it was pretty straightforward. That's it.

Sometimes coaches (also, presumably ADs) agree to less when they are fired, but it would be weird to agree to nothing unless something else was going on. (i.e. he did not want them to release info of him doing something he wasn't supposed to do, etc.)

[vote4dmac]

BB's buyout formula per the contract:
Amount from table / Contract term in months X Remaining months in contract.
So....
If fired 11/25/17:  15,400,000 / 70.66 X 37.11 = $8.1M
If fires 1/1/18:  11,700,000 / 70.66 X 35.9 = $5.945M

[NuttinItUp]

BB's buyout formula per the contract:
Amount from table / Contract term in months X Remaining months in contract.
So....
If fired 11/25/17:  15,400,000 / 70.66 X 37.11 = $8.1M
If fires 1/1/18:  11,700,000 / 70.66 X 35.9 = $5.945M

Oooooh. That makes total sense.

Thank you!