Friday, May 13, 2011

An obscene contract

An article in today's paper reported on a new contract given to the basketball coach at a major university. The new coach will get a base salary of $250,000 per year. In addition, he will get an annual payment of $1.45 million for "personal services and fund raising." Looks to me like you could forget this payoff and you wouldn't need as much fund raising.

But the real kicker is this: The coach will get an annual bonus of $300,000 each May for staying another full year. Can you believe this? The man is under contract. The university will pay him a bonus for every year he doesn't break the contract! This is ridiculous! I wish VISA would pay me a bonus for every month that I pay my bill. That's part of a contract.

I think there should be another clause in that contract. The coach should pay the university an annual bonus for every year they don't fire him.

I think this is but another example of what is wrong with many American universities. They are more concerned with sports than with education.

No comments: