cetmo
CIO
This is a hellava contract. Do you think we (HBCUs) will ever award a coach even a QUARTER of what this contract is worth?
cetmo
-----------------------------------------------------
Price of Price: 7 years, $9.1M
01/17/03
STEVE IRVINE
News staff writer
TUSCALOOSA New head football coach Mike Price and University of Alabama officials have nearly put the finishing touches on a proposed seven-year contract worth a guaranteed $9.1 million.
His proposed contract includes annual base pay of $150,000 and an annual "talent fee" of $1.15 million. The talent fee includes money from speaking engagements, camps, TV and radio appearances and some endorsements.
If Price coaches at Alabama for the length of the contract, he would also receive a lump sum of $1.5 million.
Both annual amounts are guaranteed for the length of the contract, unless Price takes another job. The contract does not include a buyout clause, but would become void if Price takes another coaching position.
His $9.1 million is guaranteed if he is fired.
Price is also eligible to receive incentive bonuses as follows: $25,000 for being named SEC coach of the year; $25,000 for national coach of the year; $37,500 for an SEC Championship Game appearance; $37,500 for a bowl appearance; $57,500 for winning the SEC Championship Game; $75,000 for appearing in a BCS bowl; and $100,000 for appearing in the national championship game.
Alabama is ineligible for postseason competition in Price's first season because of NCAA sanctions.
Both parties are close to agreement in principle on the contract terms.
The contract needs to be approved by University of Alabama System Chancellor Malcolm Portera, UA President Barry Mason, the Board of Trustees and the board's compensation committee. Certain changes in a contract can be requested by any of those parties, which would require negotiations to continue.
"It is hard to say if there is a set time frame," UA counsel Sandy Gordon said. "Sometimes they go quickly, sometimes they don't."
Former Alabama coach Dennis Franchione's original contract took more than two months to complete. Franchione, who left Alabama to take a job at Texas A&M in December, originally signed a seven-year deal worth $1.1 million per year. He was offered a 10-year deal worth a guaranteed $15 million last summer but never signed the new contract.
Price stands to make considerably more than he did in his final contract at Washington State. Price made more than $900,000 in his final season at Washington State, but a large portion of that was from incentives reached during the Pac-10 championship season. His pay before incentives was closer to $500,000.
Copyright 2003 al.com. All Rights Reserved.
cetmo
-----------------------------------------------------
Price of Price: 7 years, $9.1M
01/17/03
STEVE IRVINE
News staff writer
TUSCALOOSA New head football coach Mike Price and University of Alabama officials have nearly put the finishing touches on a proposed seven-year contract worth a guaranteed $9.1 million.
His proposed contract includes annual base pay of $150,000 and an annual "talent fee" of $1.15 million. The talent fee includes money from speaking engagements, camps, TV and radio appearances and some endorsements.
If Price coaches at Alabama for the length of the contract, he would also receive a lump sum of $1.5 million.
Both annual amounts are guaranteed for the length of the contract, unless Price takes another job. The contract does not include a buyout clause, but would become void if Price takes another coaching position.
His $9.1 million is guaranteed if he is fired.
Price is also eligible to receive incentive bonuses as follows: $25,000 for being named SEC coach of the year; $25,000 for national coach of the year; $37,500 for an SEC Championship Game appearance; $37,500 for a bowl appearance; $57,500 for winning the SEC Championship Game; $75,000 for appearing in a BCS bowl; and $100,000 for appearing in the national championship game.
Alabama is ineligible for postseason competition in Price's first season because of NCAA sanctions.
Both parties are close to agreement in principle on the contract terms.
The contract needs to be approved by University of Alabama System Chancellor Malcolm Portera, UA President Barry Mason, the Board of Trustees and the board's compensation committee. Certain changes in a contract can be requested by any of those parties, which would require negotiations to continue.
"It is hard to say if there is a set time frame," UA counsel Sandy Gordon said. "Sometimes they go quickly, sometimes they don't."
Former Alabama coach Dennis Franchione's original contract took more than two months to complete. Franchione, who left Alabama to take a job at Texas A&M in December, originally signed a seven-year deal worth $1.1 million per year. He was offered a 10-year deal worth a guaranteed $15 million last summer but never signed the new contract.
Price stands to make considerably more than he did in his final contract at Washington State. Price made more than $900,000 in his final season at Washington State, but a large portion of that was from incentives reached during the Pac-10 championship season. His pay before incentives was closer to $500,000.
Copyright 2003 al.com. All Rights Reserved.
