What are the details of the buyout?

[AUTigerTime 186]

With word that Nebraska fired their coach 3 weeks prior to a huge drop ($7+M) in price of the buyout, I'm wondering what the contract says and when the costs drop for Harsin. 

[Hank2020 3,228]

13 minutes ago, AUTigerTime said:

With word that Nebraska fired their coach 3 weeks prior to a huge drop ($7+M) in price of the buyout, I'm wondering what the contract says and when the costs drop for Harsin. 

I don’t know for sure, but Harsin’s contract started around December if I remember correctly. It probably doesn’t drop until after that.

[Didba 5,295]

I had his contract at some point downloaded somewhere LOL I'll try and find it again

[woodford 3,681]

I would hope both parties could negotiate and lower it if he were to take a new job next year which seems likely because he doesn't seem like the TV type.

[Tiger 8,833]

It's 70% of his contract so $15 million. I think half of which is due within 60 days or something like that

Edited September 25, 2022 by Tiger

[zeroforwinger 445]

I think it’s 18 now, and 15ish after the season. I’m ok with waiting until we get an AD in place before canning him. Also I want him to be the one who takes the UGA beating. It’s not fair for Caddy or anyone else to get that whopping. 

[Mike4AU 1,739]

2 hours ago, AUTigerTime said:

With word that Nebraska fired their coach 3 weeks prior to a huge drop ($7+M) in price of the buyout, I'm wondering what the contract says and when the costs drop for Harsin. 

Ok, guys, here is the buyout info as of October 1, 2022:

Total owed would be $16,170,000 ($23,100,000 X 70%)

$8,085,000 due 30 days after termination date

$2,021,250 due in 4 equal annual payments beginning July 15 immediately after termination date

termination for cause would result in no buyout.  I have not heard any rumblings about a possible for cause

if anyone wants to check my math, please feel free to do so

I will add that this huge buyout should dispel any notion of him leaving on his own. I would also mention that the contract specifically states that there is no mitigation/offset clause in the contract 

Here is a link to the contract:

https://www.scribd.com/document/505147399/Personnel-Contract-FB-Head-Coach-BH-2026-Fully-Executed

[SaltyTiger 7,961]

1 hour ago, zeroforwinger said:

I think it’s 18 now, and 15ish after the season. I’m ok with waiting until we get an AD in place before canning him. Also I want him to be the one who takes the UGA beating. It’s not fair for Caddy or anyone else to get that whopping. 

So that is why Harsin did not celebrate the missed chip shot field goal? Probably cost him 3 million 

[Mike4AU 1,739]

PS, for those who may be wondering, there isn’t a huge financial savings to terminating him before the season is over. His monthly compensation right now is $425,000.  The savings would be 30% of that amount times the remaining months left on his contract this year (after termination). That amount is $127,500. 
 

Note that the buyout calculations I have made are for Harsin only. 
 

 

[Didba 5,295]

2 hours ago, Tiger said:

It's 70% of his contract so $15 million. I think half of which is due within 60 days or something like that

This sounds right from what I remember.

[Didba 5,295]

22 minutes ago, Mike4AU said:

Ok, guys, here is the buyout info as of October 1, 2022:

Total owed would be $16,170,000 ($23,100,000 X 70%)

$8,085,000 due 30 days after termination date

$2,021,250 due in 4 equal annual payments beginning July 15 immediately after termination date

termination for cause would result in no buyout.  I have not heard any rumblings about a possible for cause

if anyone wants to check my math, please feel free to do so

I will add that this huge buyout should dispel any notion of him leaving on his own. I would also mention that the contract specifically states that there is no mitigation/offset clause in the contract 

Here is a link to the contract:

https://www.scribd.com/document/505147399/Personnel-Contract-FB-Head-Coach-BH-2026-Fully-Executed

I verify this. I did this same math back in February.

[Mike4AU 1,739]

21 minutes ago, SaltyTiger said:

So that is why Harsin did not celebrate the missed chip shot field goal? Probably cost him 3 million 

Salty, check my numbers above for the buyout as of Oct 1, 2022. 

[tigerman1186 537]

Auburn...a great place to be the head football coach...also don't forget the assistants, most (maybe all) are on a 2 year contract or through 2024...

[SaltyTiger 7,961]

2 hours ago, Didba said:

I verify this. I did this same math back in February.

I verified and checks. Math has not changed since February……do not trust lawyers and math though.

thanks Didba

[bigbird 60,580]

I double checked too. Golf still sucks

[Hank2020 3,228]

7 hours ago, woodford said:

I would hope both parties could negotiate and lower it if he were to take a new job next year which seems likely because he doesn't seem like the TV type.

If I were him, I might agree to discuss the remainder if the contract but he is supposed to get half the total within a short time like Makzahn did, if I am not mistaken.

[autigeremt 6,786]

I think Harsin will ask for every dime owed and nothing less. 

[AUx 3,016]

[Hank2020 3,228]

2 hours ago, tigerman1186 said:

Auburn...a great place to be the head football coach...also don't forget the assistants, most (maybe all) are on a 2 year contract or through 2024...

All the background people also.

[Mike4AU 1,739]

22 minutes ago, autigeremt said:

I think Harsin will ask for every dime owed and nothing less. 

Of course he will. I cannot imagine any scenario where it would be beneficial for him to agree to settling for a lower amount. I would expect specific performance of the contract. 

[AU-24 3,121]

He probably wants to go as soon as possible so he doesn’t have to face the beat downs that will start this weekend.

[Tmoney56 80]

I just wonder why he is still employed. Auburn will lose money in the long run and that loss will just continue to grow as long as he is employed at Auburn. Fire him today.

[aubaseball 2,686]

7 hours ago, autigeremt said:

I think Harsin will ask for every dime owed and nothing less. 

Wouldn’t you? I would.  

[bigbird 60,580]

It's funny.  This is the same conversation we were having since 2016

Why keep him? 

He'll damage the program if we keep him any longer.

It's cheaper to get rid of him now.

He is continuing to drive us into the ground.

Our offense is pathetic and he never adjust at halftime .

It'll cost more the longer we keep him.

 

 

Interesting that the most vocal attackers now were the most ardent supporters then. Weird

[NWALA Tiger 3,535]

1 minute ago, bigbird said:

It's funny.  This is the same conversation we were having since 2016

Why keep him? 

He'll damage the program if we keep him any longer.

It's cheaper to get rid of him now.

It'll cost more the longer we keep him.

He is continuing to drive us into the ground.

Our offense is pathetic and he never adjust at halftime .

 

 

Interesting that the most vocal attackers now were the most ardent supporters then. Weird

Better get ready for the in coming....

Gus never had a losing season....

Gus won SEC West....

Gus could recruit....

ETC ETC