Through the Freedom of Information Act, the West Virginia University Sports and Entertainment Law Society has obtained a copy of Richard Rodriguez's basic employment agreement with the University of Michigan.
The agreement, which was signed by Rodriguez on December 16, 2007, will pay him $2.5 million per year for six years and grants him other benefits typically bestowed upon major college football coaches, such as the use of two automobiles and full health insurance coverage. The agreement also includes performance incentives that could earn Rodriguez anywhere from an additional $50,000 per season (for each non-January 1st bowl game in which the Wolverines play) to an extra $300,000 per season (for each BCS National Championship claimed by Michigan under Rodriguez's guidance).
Also of note is the agreement's bilateral buyout clause, which provides that should either Rodriguez or the University of Michigan terminate the agreement in the first year, the terminating party will pay the other side $4 million. The buyout sum required of either side decreases by $500,000 in each year of the contract.
- submitted by Stacey Evans and Brian Welch
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2 comments:
If I read this letter of intent correctly, the payment terms of early termination are "payment to be made within 30 days." However, unreasonable he believes the $4M was with WVU, at least there were terms for payment over an extended period of time and not all at once.
Doesn't matter. The contract between Michigan and Rodriguez are unlikely to be admitted at trial.
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