Coach Justin Fuente's contract is a six-year deal paying him $3.2 million in the first year, according to the Virginian-Pilot, and it will rise to $3.65 million by the end of the deal. Coach Frank Beamer earned $2.7 million in 2015. Fuente's salary pool for assistants will be $3.4 million.
If the school wants to buy Coach Fuente out of the deal, they would owe him $15 million before Dec. 15, 2016, dropping each year to $12 million, $9 million, $5 million, $3 million and $1.5 million in 2021. On Coach Fuente's end, he would owe $7 million before Dec. 15, 2016, dropping each year to nothing in 2021.
Another thing we should thank Coach Frank Beamer is how humble he was with respect to his salary. In comparison, Mike London at #LOLUVA was making a million dollars more than Coach Beamer.
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It all seems about right to me.
How does the new assistant salary pool compare to our current one?
current is $3.21 million the new one is $3.4 million
I wonder if Bud and the assistants staying get to maintain their salaries.
My guess is that Bud gets a raise.
i had same guess...especially considering the increase in the assistant salary pool.
Would the hiring of a new HC affect Foster's recently extended contract? Foster was just recently given something like a five or six year extension, which I assume he will continue to work under.
Bud signed a 5-year deal last winter, $900K a year. He's currently top 5 in assistant defensive coaches, subject to coaching changes this year. Thus, that's probably not changing, unless him and Whit agreed upon something to entice Foster to stay on.
The other assistants will probably be paid the same, maybe a slight annual bump ($200K more for assistants this year). The new assistants will likely fall below the defensive assistants.
Extremely coach-friendly. I cannot see VT buying out his contract before the end of the 2021 season, thus pretty much guaranteeing him the entire contract.
That's a lot of trust in Fuente. I hope Whit is right.
Edit: If Fuente is the real deal, his salary will be considered low in 3-4 years. Thus, it could be a really good for VT, if Fuente can get VT back to ACCCGs and NY6s.
I'm guess the biggest difference between Fuente's contract and Beamer's contract is there's no language designated raises for assistant coaches every season. Otherwise, pretty straight forward.
As a low-experience HC (<5 years), that last bit makes sense. When his current contract expires, I could see him lobbying for assistant raises in his new contract if he should make it the entire 6 years and still be a viable HC.
Not even that, as someone who is piecing together a new staff, the last part makes sense. I'd hope if the same staff is with him when his contract gets revisited, he looks at getting them all raises, but starting out, I doubt even Beamer looked out for his assistants right away.
Does Beamer continue to get paid through 2019? Isn't that the year his current contract was supposed to end?
I think he'd only get that pay if he was fired. I assume he will take his Special Assistant to the AD role at $800,000/year.
EDIT: It's 250k/year I'm an idiot laugh at me and mock me.
If I remember correctly, his contract states that when he retires, he gets a position with the athletic department for 8 years at $250K/year. I believe this supersedes the remainder of his contract as coach.
EDIT: link for post coaching contract details
Whoops I don't know where I pulled $800,000 from.
What I want to know, unless it has been stated elsewhere and I just haven't looked, is how much Fuente has to buy out his existing contract with Memphis or if VT is helping with that. According to sources, he just signed a 5-year extension last November. So he would be leaving 4 years early.
Beat me to it. Leg for you, sir.
$500,000 buyout that VT is going to pay.
Somewhere it was said that his buyout was $500K, which VT paid.
His salary may only be $3.2 mil this year but also account for the $500,000 that Tech is also paying Memphis as his buyout. Essentially bumping him this year to $3.7mil. If thats all there is then he really needed Buzz to negotiate his contract. Williams had all kinds of other perks written into his contract.