FYI - The Contract

DJI9424

DJI9424

Well-Known Member
The signed Iowa football contract can be found at the following link:

http://archive.hawkcentral.com/wp-content/uploads/2010/09/ferentzcontract.pdf

I have no illusions that KF would ever be terminated for cause, that's not going to happen. However, without any substantive performance based criteria in the contract, especially in the later years, it's a pure giveaway. What protection does the University (and state of Iowa) have in place to prevent the program from ending up in the dumpster in the latter years, other than to trust KF will be a stand-up guy and do the right thing if he cannot produce acceptable results?

I hope our AD (whoever and whenever) learns from the current dilemma that coaching is not a long-term guaranteed income occupation.
 


There was a dilemma before when Alford was here. Bowlsby gave him a big contract as well with extensions sprinkled in. You'd think Barta would have looked at that situation and learned something.
 




According to this contract, if KF would be released without cause (which is the only way coaches are released these days, even if they have NCAA violations), he would be owed 75% of his base salary plus "recurring compensation". The contract runs thru Jan 31, 2020. His base salary is $2,070,000 and his recurring compensation is $1,480,000 (paid in 4 qtrly installments of $370,000 each). This brings his total comp before any incentives (graduation, bowl games, conference titles, etc) to $3,550,000. If KF would be terminated on Jan 31, 2015 (after this season), he would be owed a total of $13,312,500 ($3,550,000 x 5 years X 75%). This amount would have to be paid out in monthly installments over the remaining life of the contract, which amounts to $221,875/month over a 60 month period.

From everything I've read and heard, each B1G team is projected to have TV revenue jump from approx. $25 million/team to $45 million/team once the new TV rights deals are re-negotiated. If I remember right, that was projected to happen starting July 1, 2016, I think. If that's the case, then to me it's a no-brainer to let KF go after this season if it ends up how we all expect it to end up based on our complete suckitude so far this year. You'd only have to pay that buyout for a period of 17 months before the new TV money started rolling in. Over 17 months, that's only a total of just under $3.8 million. After that, the University is still ahead over $17 million/year ($20 million in add'l TV money less the $2.66 million/year in buyout payments to KF). It will cost the University MUCH more in lost donations, lost branding, lost recruiting, etc by keeping what essentially has amounted to a .500 ball club beginning with the 2006 season for an add'l 5 more seasons.
 


The contract is bad for the U of Iowa, but it is market. The guarantee is the price a program has to pay to keep a coach from jumping to the NFL and the salary is the price to be paid to keep another college program from coming in. I was talking to a fella at the Northwestern tailgate the first week and he was telling me that Fitz's contract is even worse than Ferentz's. He wouldn't get into dollar values, but he said that it has an escalator clause so that Fitz's all-in pay is based on the top 5 compensated coaches in the conference and that Fitz got darn near a half a million dollar raise for going 5-7 (1-7 in conference) based on raises and incentives some other coaches earned. So it could always be worse!
 


QuadCityHawkeye said:
There was a dilemma before when Alford was here. Bowlsby gave him a big contract as well with extensions sprinkled in. You'd think Barta would have looked at that situation and learned something.
Click to expand...

He did because he gave Ferentz a BETTER one! Barta is an idiot.
 






Hypothetical conversation between KF and GB @ 9/15/2014

GB: Thanks for making time to meet with me Kirk.
KF: No problem Gary, what's on your mind.
GB: Well, let's start with the last game, what's your assessment?
KF: ISU played well didn't they, the series is real competitive.
GB: Well, yes they are showing signs of improvement, but this isn't about ISU.
KF: Okay, so what's your point?
GB: Well Kirk, let's start with the offensive performance.
KF: And your point?
GB: Our offensive output has been poor.
KF: It's been less than what I'd like to see but that's to be expected when you put in new schemes and players.
GB: How's that?
KF: Well, that's what happens when you listen to the public - I've shaken up the program based on what others have said and we are reaping the results of those changes.
GB: I'm sorry Kirk, I don't follow...
KF: Let me explain it to you - I ran CJB for one series in the Ball State game and I've been rotating at least 5 backs to spell Weisman. And don't forget that Jake has made completions to all of his options... what more changes do I need to make?
GB: (sigh)
KF: If you ask me, it's time to go back to what we do best and abandon all these changes I've made to placate the fans.
GB: (bigger sigh)
KF: Well, thanks for the discussion Gary, I appreciate your support, I've got some fine-tuning work to do. Just a bit of oil here and there and this race car will be firing on all cylinders again.
GB: Thanks Kirk...go Hawkeyes!

Obviously this is tongue in cheek stuff but it's not that much of a stretch to imagine this could be how KF thinks. After all, he's doing things differently from what he's done before and it's not working. So it's time to go back to what he knows, no need to pay attention to anyone else's opinion anymore, it won't work.
 
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