CHRIS HOLTMANN'S OHIO STATE CONTRACT OUTLINES MEGA BONUS OPPORTUNITIES, HEFTY BUYOUT LANGUAGE, OTHER PERKS
It appears Gene Smith made absolutely sure Chris Holtmann won't be leaving Ohio State anytime soon. The new coach of the men's basketball program signed an eight-year deal worth $3 million per season, with plenty of incentives, worked into it.
Holtmann is in line to receive $850,000 in base compensation, $1.315 million from media promotions and public relations, another $825,000 in Nike apparel and shoe equipment and finally $10,000 for Coca-Cola appearances.
The contract has not be finalized, according to the Ohio State Public Records Office. Holtmann, Smith and CFO Geoffrey Chatas signed it on Friday.
As approved by the Board of Trustees, Holtmann is eligible for an increase in salary beginning in 2018, according to his contract obtained by
Eleven Warriors on Tuesday. He also agreed to hefty buyout language, mostly having to do with the potential of the coach bolting before the completion of the next four basketball seasons. Holtmann's current deal expires on June 30, 2025.
The contract states that if Holtmann discontinues his contract with the Buckeyes within the first four years of his employment (thus, before June 2021) he owes the school the money remaining on his deal multiple by the years remaining on his agreement. So if Holtmann left after two years, he would have to pay back the $18 million multiplied by six, or $108 million, to Ohio State. That's a lot.
Entire article:
http://www.elevenwarriors.com/ohio-...portunities-hefty-buyout-language-other-perks