By: Flint Harris
We all know by now that Arkansas Head Coach Bobby Petrino has signed a seven year extension to stay at Arkansas, but what it in that contract. The contract extension is worth $3.56 million for seven years. Here are six things you need to know about the contract.
Long and Petrino are committed to Arkansas!
1. Insane Buyout
Arkansas and Bobby Petrino are going to become synonymous. The buyout in this contract is CRAZY!! If either Petrino tries to leave or Arkansas tries to fire Petrino in 2011 or 2012, the cost is $18 million either way! That is unreal. $18 million buyout! Arkansas Athletic Director Jeff Long put all of his proverbial eggs in Petrino’s basket when he hired him. Good move by Long. Now, the two will continue their sweet courtship together. Should either party want to part ways in 2013, the cost is only $17.97 million and continues as such: 2014 the buyout is $14.52 million, 2015=$10.82 million, 2016=$7.37 million, and in the final year of the contract the buyout is $3.92 million. It is very interesting that the buyout is equal regardless of Petrino leaving for another job or getting fired. Suffice it to say Petrino is the man in Fayetteville until at least 2015ish.
2. Good Faith Review
No later than the end of the 2014 season, January 31, 2014 to be exact, Arkansas will complete a good faith review of the contract. This could mean several things, but is there to ensure Petrino is still getting his fair market value.
3. Non-Compete Clause
With the new contract extension, Petrino now has a non-compete clause with the entire SEC. In his previous contract, Petrino could not take a job in the SEC West. The entire SEC is now out, which means of the top 10 jobs in the country, five or so have been eliminated from Petrino. Just another reason Petrino is going to make people forget his was a mover and shaker as he becomes the face of Arkansas football for several years to come.
4. Rule Breaking
If Petrino is found guilty of breaking any federal, state, or NCAA laws, then he could be punished or fired. The interesting part of it to me if this also includes any NCAA investigation at any former schools Petrino has coached at. I am not sure if that is common, and seeing that it was a while ago Petrino was at Louisville, this probably does not matter.
5. Athletic Bonuses
Here are some of the bonuses Petrino will get if the Hogs win:
BCS National Title-$300,000
SEC and or National Coach of the Year-$25,000 each
Non-Title BCS Game-$125,000
6. Start Date
The new contract becomes effective on January 1, 2011 and runs until December 31, 2017.
Arkansas fans were very worried about losing Petrino to Florida, but that is no longer a concern. Arkansas has their man, and he is not going anywhere!
Leave a Reply