Hoiberg's Contract

[hhcmatt]

This is the MOU (memo of understanding) which is only 5 pages. The actually contract will probably be 10+ and be in more detail.

 

[cipsucks]

I've been waiting for an hour for this.  What the heck you been doing?

[hhcmatt]

Salary

Year 1: $2.5 million (Bulls are paying him another 2.5)
Year 2: $3 million ($1 million bonus if still the coach on July 1, 2020)
Year 3: $3.5 million 

Year 4: $3.5 million 

Year 5: $3.5 million ($550k bonus Mar 31, 2024)

Year 6: $3.5 million  ($550k bonus Mar 31, 2025)

Year 7: $3.5 million (ends March 2026)

 

 

[jimmykc]

Could you summarize it, Matt, and release the whole thing in about a year?

[busticket]

Pretty stiff penalty for leaving five years or less to another college team.  I think Fred is in it for the long haul.

[Norm Peterson]

Does $40,000 for making the Sweet 16 really matter to a guy making $3.5 million?

 

That's like a bonus of four hundred bucks to a guy making $35K.

 

Except, not really, because each dollar means less to the guy making millions than to the guy making thousands.

 

I'd say pay him $3 million a year but him give an extra million for making the Sweet 16.  THAT would be a clear incentive.

[hhcmatt]

19 minutes ago, jimmykc said:

Could you summarize it, Matt, and release the whole thing in about a year?

 

 

[hhcmatt]

20 minutes ago, busticket said:

Pretty stiff penalty for leaving five years or less to another college team.  I think Fred is in it for the long haul.

 

That depends on what he would leave for

 

(other NCAA job)

Year 1: $11 million

Year 2: $10.25 million 
Year 3: $8.75 million 
Year 4: $7 million 
Year 5: $5.25 million 
Year 6/7: $0

 

 

Leaving for non-NCAA (NBA)

Year 1: $2.5 million

Year 2: $2 million 
Year 3: $1.5 million 
Year 4: $500,000  
Year 5: $250,000 
Year 6/7: $0

[AuroranHusker]

So it's basically three years to see if Hoiberg is 'N' it for the long haul. Otherwise, it's certainly possible that the NBA attraction will still be there for Freddy. Guess we'll just have to wait & see...

 

[hhcmatt]

12 minutes ago, AuroranHusker said:

So it's basically three years to see if Hoiberg is 'N' it for the long haul. Otherwise, it's certainly possible that the NBA attraction will still be there for Freddy. Guess we'll just have to wait & see...

 

 

If he's going to the NBA in 3 years it's because it's been a hell of a 3 years

[AuroranHusker]

5 minutes ago, hhcmatt said:

 

If he's going to the NBA in 3 years it's because it's been a hell of a 3 years

 

Yeah, it wouldn't suck, that's for sure. It would be great to have Freddy & Frosty here for the next 20 years, but that's probably a pipe dream. GBR !!!

 

[Bugeaters1]

Does $40,000 for making the Sweet 16 really matter to a guy making $3.5 million?
 
That's like a bonus of four hundred bucks to a guy making $35K.
 
Except, not really, because each dollar means less to the guy making millions than to the guy making thousands.
 
I'd say pay him $3 million a year but him give an extra million for making the Sweet 16.  THAT would be a clear incentive.

I'd take the 400 bucks.

Sent from my moto z3 using Tapatalk

[cipsucks]

1 hour ago, Norm Peterson said:

tt his bonus,Does $40,000 for making the Sweet 16 really matter to a guy making $3.5 million?

 

That's like a bonus of four hundred bucks to a guy making $35K.

 

Except, not really, because each dollar means less to the guy making millions than to the guy making thousands.

 

I'd say pay him $3 million a year but him give an extra million for making the Sweet 16.  THAT would be a clear incentive.

Why pay a bonus of $1,000,000 to someone that has already done it at another Power 5 school?  You pay the extra money upfront expecting him to do it here.  You do that stuff for our last three coaches.

And, about his bonus, I would not be surprised if that would go to his support staff.  I bet they'd be much appreciative.

 

 

(no idea why the original quote messed up)

 

Edited April 5, 2019 by cipsucks

[Nighthawk]

Looking at the Bonuses it’s pretty much NCAA or bust.  Not that we want the NIT, but there is no bonus for going or winning...unless I’m just totally missing it. 

 

Those are also in his case, chump change bonuses for making it to the NCAA unless he wins the championship  30 thousand up to 75 thousand for advancing to the final four and then it shoots up to 300,000 for winning the Championship. So I’m guessing he would get 75 thousand for advancing (the others are based on advancing to while the other is winning) to the championship? Am I understanding that correctly? 

[hhcmatt]

23 minutes ago, cipsucks said:

Why pay a bonus of $1,000,000 to someone that has already done it at another Power 5 school?  You pay the extra money upfront expecting him to do it here.  You do that stuff for our last three coaches.

And, about his bonus, I would not be surprised if that would go to his support staff.  I bet they'd be much appreciative.

 

Because if you pay it upfront it probably goes against what the Bulls are contracted to pay you.  He basically gets it when the Bulls stop paying him.

[cipsucks]

1 hour ago, hhcmatt said:

 

Because if you pay it upfront it probably goes against what the Bulls are contracted to pay you.  He basically gets it when the Bulls stop paying him.

So, we're basically Youngstown State?

[49r]

1 hour ago, cipsucks said:

So, we're basically Youngstown State?

 

Nice to have the shoe on the other foot once in a while, eh?

[HuskerActuary]

4 hours ago, Norm Peterson said:

Does $40,000 for making the Sweet 16 really matter to a guy making $3.5 million?

 

That's like a bonus of four hundred bucks to a guy making $35K.

 

Except, not really, because each dollar means less to the guy making millions than to the guy making thousands.

 

I'd say pay him $3 million a year but him give an extra million for making the Sweet 16.  THAT would be a clear incentive.

I've always thought this, too. There are many jobs in the every day world where your pay is pretty highly incentivized based on your performance. Why not do the same for coaches? And it's hedging your costs as an athletic department  too. Obviously in the successful years the A.D. will bring in more money and can easily pay above and beyond the extra bonus. And finally, the head coach should be willing to accept a lower base salary if he is confident that he will win. Oh well, what do I know.

[hhcmatt]

20 hours ago, cipsucks said:

So, we're basically Youngstown State?

 

We're paying him good money and his kid won't be shit talking the Bulls

[cipsucks]

1 hour ago, hhcmatt said:

 

We're paying him good money and his kid won't be shit talking the Bulls

 

Thanks.  That clears it up for me.

[AuroranHusker]

1 hour ago, cipsucks said:

 

Thanks.  That clears it up for me.

 

Nebraska should have just paid Freddy $1 his 1st year. That's what every freakin' team has been doing to NU the past 15+ years.