Interesting note. The details of Charlie Strong's UT contract are available online and I saw that assumption of contract deal in the docs.I owe you an apology. I was right about UT initiating the negotiations, but I was wrong about why.
Background: http://www.greenberglawoffice.com/buyout...ee-agency/
The most interesting treatment of the tax issue is found in the documents accompanying (Charlie) Strong’s move to the University of Texas (“Texas”), in which Strong’s Louisville contract is assigned to Texas, with Texas paying an “assignment fee” as consideration for the assignment.[93] By Texas’ assumption of the Louisville contract, the buyout clause is never triggered (or at least never invoked), and the payment by Texas to Louisville is clearly a Texas business expense that does not flow through Strong. Accordingly, there should be no tax liability for Strong because technically no buyout payment was ever made—at least not one that Strong was obligated to pay under his Louisville contract. By removing the applicability of the buyout clause altogether, Texas and Strong appear to have arranged the strongest position for claiming no tax liability for Strong.
Fast forward to a week ago. Houston Chronicle beat writer Joseph Duarte stated in an article that Texas was seeking to have Herman's contract with UH assigned to them (presumably for the same reason Texas sought to do so when hiring Strong). It seems clear now that the conversation must have gone something like this:
UH AD Hunter Yurachek: What's in it for us?
Texas AD Mike Perrin: What did you have in mind?
Y: How about we reduce the assignment (buyout) fee by an amount agreeable to both parties in return for a scheduling agreement?
P: Not happening.
We know that UH is going to receive the $2.5 million no later than 60 days from the date of Herman's resignation. We don't know whether or not UH agreed to the reassignment of Herman's contract. If the answer was no, UT will probably have to provide Herman with an interest-free loan so that he can pay us.
I hope Nick Saban promotes Sarkasian to offensive coordinator because if the rumors of him wanting Mike Locksley as OC then kiss a 3rd title goodbye
I hope Nick Saban promotes Sarkasian to offensive coordinator because if the rumors of him wanting Mike Locksley as OC then kiss a 3rd title goodbye
Now I didn't know that. When did this happen?Sarkasian is Baylor's OC.
Now I didn't know that. When did this happen?
Let it be known that ma'DONE DEAL preceded FAKE NEWS by about 10 years. I'm the time child.False report I guess. Turns out now he's Alabama's OC.
That sounds betterFalse report I guess. Turns out now he's Alabama's OC.
Let it be known that ma'DONE DEAL preceded FAKE NEWS by about 10 years. I'm the time child.
Friedgen a few years ago, i think they are talking about. He's a real big fish.Who's the 1st big fish that Rutgers landed? Seriously, I don't know. Ash?
John l smithSpeaking of offensive coordinator's has Ed Odgeron found one?
*grabs image, throws it to Pinterest "Cheesecake" board*
Are you serious?!!! THAT John L.Smith?John l smith
I feel sorry for any 45 year old pussy in boca
FAU head coach Lane Kiffin has named Kendal Briles as his OC.
I thought he got Mike LocksleyFAU head coach Lane Kiffin has named Kendal Briles as his OC.
Smoke screenI thought he got Mike Locksley
Looking at the timing of it, and that the firing is effective Jan 2, the timing may have been related to reducing the buyout.
Edit: They gave him a contract extension back in May? That is like the kinda shit Rutgers does.
Relegate you to the Hachiko division.Relegate college football in the northeast to FCS or D2.
Joe Moorhead please.Looking at the timing of it, and that the firing is effective Jan 2, the timing may have been related to reducing the buyout.
Edit: They gave him a contract extension back in May? That is like the kinda shit Rutgers does.
Also the contract extension was beyond stupid as last year record was all based on turnovers.Joe Moorhead please.
Looking at the timing of it, and that the firing is effective Jan 2, the timing may have been related to reducing the buyout.
Edit: They gave him a contract extension back in May? That is like the kinda shit Rutgers does.
Also the contract extension was beyond stupid as last year record was all based on turnovers.
The Huskies had the worst offense in the nation, averaging 14.8 points a game, and lost their final four games by a combined score of 130-16.
Worse then Rutgers? Doubtful.
Yeah....UConn didn't lose a game 78-0.
I believe the buyout goes drops from 5m to the 3.4m on the 1st.Yeah. As far as the timing of the firing, under the terms of his original contract, his buyout decreased from 1.4M to 800K on New Year's Day 2016. I couldn't find his contract extension online, but I'm guessing it was structured similarly, but who knows.
Why did they increase the buyout so much?Beli
I believe the buyout goes drops from 5m to the 3.4m on the 1st.
Oh, and Michigan's current AD is the one who gave him the extension before leaving town, so thanks a lot