“It’s all over” - A compilation of a few really dumb posts

[Brochacho]

This sucks.

A glimmer of hope:

If the university fires Ollie, it only needs to have somewhere between 500k and 1.9 million up front. The rest can either be negotiated down (#UConnLuv), or if no mutual agreement can be reached, the remainder of his salary/buyout will be paid out in 6 payments ranging from 1.4-2.1 million dollars from 5/18 until 5/21.

 

[shizzle787]

A glimmer of hope:

If the university fires Ollie, it only needs to have somewhere between 500k and 1.9 million up front. The rest can either be negotiated down (#UConnLuv), or if no mutual agreement can be reached, the remainder of his salary/buyout will be paid out in 6 payments ranging from 1.4-2.1 million dollars from 5/18 until 5/21.

Nice. So it's not as bad as it seems.

 

[husky8273]

A glimmer of hope:

If the university fires Ollie, it only needs to have somewhere between 500k and 1.9 million up front. The rest can either be negotiated down (#UConnLuv), or if no mutual agreement can be reached, the remainder of his salary/buyout will be paid out in 6 payments ranging from 1.4-2.1 million dollars from 5/18 until 5/21.

"glimmer"? grain of pixie dust maybe.

 

[gampelcrazies]

With the students home for break, I think even 10k is extremely optimistic.

You do realize they already sold 80-90% of tickets for this game right?

 

[JMick]

A glimmer of hope:

If the university fires Ollie, it only needs to have somewhere between 500k and 1.9 million up front. The rest can either be negotiated down (#UConnLuv), or if no mutual agreement can be reached, the remainder of his salary/buyout will be paid out in 6 payments ranging from 1.4-2.1 million dollars from 5/18 until 5/21.

So basically we can afford to fire him and pay the new coach $1mm -$2mm/yr for 3 years. that's not awful.

 

[shizzle787]

So basically we can afford to fire him and pay the new coach $1mm -$2mm/yr for 3 years. that's not awful.

This is the important part. He is gone.

 

[UConnCat]

The new tax law, effective 1/1/18, is about to make coaches's compensation (including buyouts) above $1 million more expensive.

Like other non-profit organizations, colleges will be responsible for paying a 21% excise tax on annual compensation above $1 million that goes to any of the organization’s five most highly compensated employees. The tax is set to take effect on compensation earned, beginning Jan. 1. It also will be applied to certain types of what the legislation calls “parachute payments,” or separation payments like a buyout.

http://www.knoxnews.com/story/sport...d-starting-millions-costs-colleges/976281001/

 

[Brochacho]

So here is what it looks like (assuming he is let go following this season):
If fired before 5/2019, $600,000 contractual buyout, plus deferred compensation (which comes out to $400,000) is due within ten business days of being fired. Beyond that, if Ollie isn't willing to negotiate and the university doesn't want a lump sum, this will be his payout by year:

2018: $1,400,000-$2,850,000
2019: $3,050,000
2020: 3,250,000
2021: $1,650,000

 

[tentoes4rings]

Can we Billy Martin him? Fire him now, let him leave the nest and if he becomes the coach we hoped he'd be, hire him back again?

 

[CL82]

The "remainder of the compensation due" language seems vague. Is that all the money that could be earned under the contract or only the amount that is "due" for the specific periods listed. If the latter is the interpretation, Ollie may only need to be between 1.4M and 2.2M (call it 2M.) That would be remaining salary, plus deferred comp, plus remaining media/PR fees.

That is a far more manageable number.

 

[WestHartHusk]

I'm too lazy to read the contract, but if he works somewhere else are we smart enough to have included a provision that is income from elsewhere offsets what is owed by UConn? I know we didn't with HCBD...

 

[Doctor Hoop]

This reconstruction needs to start from the bottom up. If Ollie isn't the guy (and evidence is mounting) then you need a high-energy motivator who knows his x's and o's beyond isos and PNR. When you start competing with ranked teams on even footing, and beating a Cincy or WSU in your own league and playing a brand of basketball that players think is fun, then recruiting on the history of 4 NC's since '99 will be a lot easier. That guy is out there coaching some other team, just like Calhoun was, and the problem is only in identifying him. Pitino and retread criminals are not the way to go.

Just asking: Who were Brad Stevens' assistants at Butler?

 

[Brochacho]

The "remainder of the compensation due" language seems vague. Is that all the money that could be earned under the contract or only the amount that is "due" for the specific periods listed. If the latter is the interpretation, Ollie may only need to be between 1.4M and 2.2M (call it 2M.) That would be remaining salary, plus deferred comp, plus remaining media/PR fees.

That is a far more manageable number.

Assuming its all payments. Article 6 says the university guarantees semi-annual payments (until 2021), and Article 10 says "full satisfaction" in regard to UConn's obligation.

 

[Rocktheworld]

The new tax law, effective 1/1/18, is about to make coaches's compensation (including buyouts) above $1 million more expensive.

Like other non-profit organizations, colleges will be responsible for paying a 21% excise tax on annual compensation above $1 million that goes to any of the organization’s five most highly compensated employees. The tax is set to take effect on compensation earned, beginning Jan. 1. It also will be applied to certain types of what the legislation calls “parachute payments,” or separation payments like a buyout.

New tax bill will impact the sports world starting with millions in costs for colleges

Wow, so AD Dave basically has a week to s#it or get off the pot?

 

[CL82]

Assuming its all payments. Article 6 says the university guarantees semi-annual payments (until 2021), and Article 10 says "full satisfaction" in regard to UConn's obligation.

Does it though? It says that UConn guarantees that KO will receive semi-annual payments, but it does not expressly have an acceleration clause regarding them, unless I missed it.

 

[uconnphil2016]

We need to take a page out of Florida's firing of Jim McElwain. They avoided paying him out by pointing towards his claims of people threatening him online that could not be corroborated. His misconduct nullified the buyout. I think UF probably didn't want to give him the buyout and then searched for a reason to get him on a technicality. Given the number of stories we've all heard about ollie, we could probably find something and get out of it

 

[CL82]

We need to take a page out of Florida's firing of Jim McElwain. They avoided paying him out by pointing towards his claims of people threatening him online that could not be corroborated. His misconduct nullified the buyout. I think UF probably didn't want to give him the buyout and then searched for a reason to get him on a technicality. Given the number of stories we've all heard about ollie, we could probably find something and get out of it

Or at least have enough to negotiate the buyout down.

 

[Guapo]

Basically, if they really wanted to fire him they could make it work.

 

[Brochacho]

Does it though? It says that UConn guarantees that KO will receive semi-annual payments, but it does not expressly have an acceleration clause regarding them, unless I missed it.

It doesn't.

But going off of what you're saying, Ollie would only be owed 2.4 million or so if we fire him in the middle of June. So I hope you're right.

 

[Huskybass]

No one ever really knows for sure especially hiring two all time great coaches. But you give credit for results and Toner certainly got them!

Can't agree more. I was a student when JC and Geno arrived and even though JC's first season was a rough one, the excitement at the potential for basketball at a higher level was unmistakable. I had no idea that Geno could impact the women's game like he did, but he made it pretty clear that things would be better right away. Two iconic hires.

And yes, John Toner was a very nice man as well. He always had a smile and a kind word for you if you crossed paths with him on campus.

 

[CL82]

It doesn't.

But going off of what you're saying, Ollie would only be owed 2.4 million or so if we fire him in the middle of June. So I hope you're right.

Me too. It isn't clear though. Oh by the way it would be even less because $2.8M has already been paid for this year. The payments are due in June and October.

 

[Hurleyman216]

Just out of curiosity, is there a precedent for keeping an assistant coach when a head coach gets fired? We need to find a way to change things without blowing up the program...would love to see us try to keep Chillious and be able to maintain our recruiting class and current roster

 

[CardiffGiant]

What about assistant coaches etc?

 

[8893]

You do realize they already sold 80-90% of tickets for this game right?

They've had a groupon for it for several weeks too. Tix as low as $15 iirc.

 

[BLUEDOGHOUSE]

In a perfect world. Maybe Santa can make all the obstacles a reality.