[Grassy Knoll Sniper]

Tubby Smith's Contract <==== click the link to read.


If you're not interested in reading the entire thing, here's the general makeup of Tub's contract:

-He is contracted until April 3, 2011.
-If we reach the Final Four during that time it automatically extends to April 3, 2013
-He shall devote the time and attention needed to fulfill the duties of the coach.
-He is responsibile for the hiring/firing of all his personnel (subject to approval).
-He receives a base salary of $200,000 per year, paid monthly.
-The base salary will be increased annually in at least as much as the other employees.
-All exclusive radio, televion, and athletic/footwear endorsements are managed by the UK Athletics Association.
-Endorsement payments are as follows, from July 1 of one year to June 30 of the following:

2003-2004: 1.55 million
2004-2005: 1.625 million
2005-2006: 1.7 million
2006-2007: 1.775 million
2007-2008: 1.85 million
2008-2009: 1.925 million
2009-2010: 2.05 million
2010-2011: 2.175 million
2011-2012: 2.3 million (if extended)
2012-2013: 2.3 million (if extended)

These payments are due quarterly, on July 1, October 1, January 1, and April 1 of each year.

-He can conduct basketball camps with university facilities and keep the profits.
-If UK wins the SEC championship or qualified for the NCAA Tournament he received a $15,000 bonus that year.
-If UK participates in the Final Four he receives a bonus of $50,000 that year.
-If the GPA of the team is 3.0 and 90% of the team meet NCAA satisfactory progress he receives a bonus of $50,000 that year.
-He has access to two late-model automobiles for business and personal use.
-He has an expense account for all work related expenses/travel.
-He receives university health/medical benefits in accordance with other employees of his pay level.
-He receives twenty (20) prime, lower-level basketball tickets to all basketball games - home, away, and post season tournament.
-He receives eight (8) tickets to all homes football games.
-Additional tickets may be requested.
-The university contributes an amount equal to 10% of salary toward retirement.
-He receives one month of paid vacation each year.
-If contract is fulfilled by him until April 3, 2007 he receives a bonus of $1.5 million.
-If contract is fulfilled by him until April 3, 2011 he receives an additional bonus of $2.5 million.
-If the University discontinues participation of NCAA basketball he will continue being paid for the remainder of his contract.
-The University can terminate his employment without payment for the following causes:

Major NCAA or SEC violations
Intentional failure to follow Athletics Department of University policies
Acts of intentional misconduct including felony or violation of NCAA/SEC rules
Refusal to share information relating to possible violations
Refusal to participate in investigations of violations
Involvement in academic fraud
Involvement in providing extra benefits to athletes/recruits
Falsifying information
Participation or communication regarding intercollegiate gambling

-If he dies his family receives his pay and benefits for the remainder of the year.
-If he becomes diasbled he receives his full salary for the remainder of that year.
-If the University chooses to terminate the contract for any other reason he will receive $1 million per year for the remainder of the contract.

That last part as well as the bonuses are most important. Basically, if the University terminates his contract at the end of this season they will be out $4 million. If they keep him until the end of the contract they will be out $4 million in bonuses anyway.


For the record:

OTS will receive a $1.5 million bonus if he is retained through April 3, 2007.

The buyout calls for a $1 million payment to OTS for each season remaining on his contract. In other words, it would cost the UKAA $4 million at the end of the season to make a move.

Anybody for donations?? I'll pitch in a hundred.