C
Collyn Taylor
Guest
If you missed the news about Martin's contract extension, you can see it by clicking here.Here's a little bit more gleaned going through the contract and how the buyout looks now.
The salary stays the same that it would be in his original deal.
Martin's proposed salary (with no change from previous contract)
Salary: $350,000
Supplement: $200,000
Outside compensation: $2.65 million (2021-2022), $2.75 million (2022-2025)
The biggest change comes in the form of the buyout, where it was restructured for both parties. For starters, if Frank Martin were to leave for another job he would not owe the university any money in terms of a buyout.
How it works if the university would fire him in each year of the new deal.
April 1, 2021-March 31, 2022: University would owe a buyout "equal to a pro-rated portion of his compensation through March 31, 2023." So if Martin were fired without cause then the buyout would only be calculated through the end of the initial deal (through 2023) and the salary owed on the two years tacked on would not be part of the pro-rated portion of the buyout.
April 1, 2022-March 31, 2023: The maximum buyout the university would owe would be no more than $3 million. That could obviously be negotiated by both parties, if they choose to.
April 1, 2023-March 31, 2025 (remainder of the deal): University would not owe Frank Martin any buyout.
Chuck Martin also received a one-year contract extension beginning April 1, 2021 and ending March 31, 2022. He'll earn a base salary of $300,000 and get incentives obviously if the Gamecocks make the postseason and even more in incentives if the program gets to the Final Four.
The biggest addition to Chuck Martin's contract is if Frank Martin's contract is terminated or Martin terminates the contract himself with or without cause then Chuck Martin's contract will "automatically terminate." If Chuck Martin's contract is terminated then there is no buyout on either side.
Men's golf coach Billy McDonald and softball coach Beverly Smith also had contract extensions approved running through June 30 with no salary increase.
The salary stays the same that it would be in his original deal.
Martin's proposed salary (with no change from previous contract)
Salary: $350,000
Supplement: $200,000
Outside compensation: $2.65 million (2021-2022), $2.75 million (2022-2025)
The biggest change comes in the form of the buyout, where it was restructured for both parties. For starters, if Frank Martin were to leave for another job he would not owe the university any money in terms of a buyout.
How it works if the university would fire him in each year of the new deal.
April 1, 2021-March 31, 2022: University would owe a buyout "equal to a pro-rated portion of his compensation through March 31, 2023." So if Martin were fired without cause then the buyout would only be calculated through the end of the initial deal (through 2023) and the salary owed on the two years tacked on would not be part of the pro-rated portion of the buyout.
April 1, 2022-March 31, 2023: The maximum buyout the university would owe would be no more than $3 million. That could obviously be negotiated by both parties, if they choose to.
April 1, 2023-March 31, 2025 (remainder of the deal): University would not owe Frank Martin any buyout.
Chuck Martin also received a one-year contract extension beginning April 1, 2021 and ending March 31, 2022. He'll earn a base salary of $300,000 and get incentives obviously if the Gamecocks make the postseason and even more in incentives if the program gets to the Final Four.
The biggest addition to Chuck Martin's contract is if Frank Martin's contract is terminated or Martin terminates the contract himself with or without cause then Chuck Martin's contract will "automatically terminate." If Chuck Martin's contract is terminated then there is no buyout on either side.
Men's golf coach Billy McDonald and softball coach Beverly Smith also had contract extensions approved running through June 30 with no salary increase.
