O'Leary gets 10 year deal

[Knight_Light]

Joe,

Remember, anytime ANYONE negotiates a salary...its not if one deserves the money...or if they are worth it....it always falls back on what is the MARKET PAYING.

The "market" in College Football for top jobs is in the $1.5 Million to $2.5 Million range (up to $2.8 for OSU Coach).

The huge $5 Million buyout will stop 95% of all interested parties in trying to grab GOL.

UCF needs stability at this time...as they bring on new top leaders from the ORange Bowl, Va Tech, and USM to lead out Athletic Dept...our new on-campus stadium...which, with GOL's new contract, just went up in VALUE for said sponsor (i.e. GOL's name/facilities will help with recruiting, which will lead to more wins...which will lead to more TV Appearances, etc...)

UCF Athletic Dept Press Annoucement is official at 10 AM Today.

Here's what the Sentinel said on this topic late last night:

http://www.orlandosentinel.com/sports/local/orl-oleary2506may25,0,7452787.story?coll=orl-sports-headlines

UCF locks in O'Leary for 10 years, $10 million

The new contract includes an expensive mutual buyout of $5 million, sources say.

Kyle Hightower

Sentinel Staff Writer

May 25, 2006

UCF will announce this morning that it has agreed to a 10-year contract extension for football coach George O'Leary that two sources inside the university say will pay him $1 million a year.

With annual incentives, O'Leary could push his compensation up to nearly $1.5 million, sources said. That would double his original $720,000-a-year contract. The original deal had three years left before he signed his new contract earlier this week.

The new long-term agreement was six months in the making but should answer a question that has shadowed the 59-year-old coach since he arrived in December, 2003. That is, that he will finish his coaching career at UCF.

Former UCF athletic director Steve Orsini began negotiating the contract terms in December as the Golden Knights prepped for their first bowl appearance. The final sticking point in the deal was a mutual buyout. Sources said it was bumped from $500,000 to $5 million, making it expensive either for the coach to leave for another job or for the university to fire him before the contract's expiration.

See link for full article.

[Paisa el Toro]

With so many Republicans on this board, I'm really shocked at how some of you are surprised by this. I mean, as someone mentioned before, if the market dictates this kind of salary for GOL, then he should get it.

If GOL is asking more than his market price, then he'll leave and wind up going to another school that will be willing to pony up the cash. Either UCF pays him or he'll get his money elsewhere. Not too schocking to me, considering the state of sports today.

[UCFBeach]

The current market for Division 1 coaches in Football and Basketball is close to a Million plus as we have seen from your re-signing of Levitt.  With the price of tickets increasing annually, increased booster donations, TV revenues, bowl payouts, these salaries are justified for the future stability of each respected schools programs.  If we are going to compete with the the larger, more established universities, then we have to pay to keep the coaches, assistants and administrators that we feel will keep us growing and competitive for the future.  

[Joe]

I never argued it wasn't market, I said I couldn't blame UCF for paying him that. They had to pay if they wanted to make sure he stuck around.

I just think its bad for college football (It's not just UCF). A school like Ohio State, Florida, or UGA are the top three in booster contributions in the country they can afford to pay and buy out coaches at whatever price (that is why Zook got an extra 6M when he was canned).

[smazza]

a sucker is born every minute

FTU/OU/OC WILL BE BUYING GOL OUT IN A COUPLE OF YEARS

this is good for usf

leavitt will start his once every 3 year pout and threat to leave for greener pastures.USF SHOULD LET HIM LEAVE

[___ Eats It]

They won't be able to afford to buy him out, what with the doubled cost of their erector set.  I'll take great pleasure in watching UCF athletics drown under the immense weight of this poor decision in, oh, about 4 years... once the novelty of the new stadium has worn off, the bills come due, and reality sets in.  This isn't a Disney made-for-TV movie.

[DawgPound]

We shall see, won't we?

[Guest UCFFAn2]

They won't be able to afford to buy him out, what with the doubled cost of their erector set.  I'll take great pleasure in watching UCF athletics drown under the immense weight of this poor decision in, oh, about 4 years... once the novelty of the new stadium has worn off, the bills come due, and reality sets in.  This isn't a Disney made-for-TV movie.

This coming from a fan of a school who gave their coach a raise even after a losing season.  A school that gave their coach another raise simply because another school was interested in him but never gave him an offer.  USF pays their football coach almost as much and he has never received a conference coach of the year, let alone a national award.  

[FreaKnight]

They won't be able to afford to buy him out, what with the doubled cost of their erector set.  I'll take great pleasure in watching UCF athletics drown under the immense weight of this poor decision in, oh, about 4 years... once the novelty of the new stadium has worn off, the bills come due, and reality sets in.  This isn't a Disney made-for-TV movie.

This sounds like your Christmas wish list.  

What makes you think the novelty of a new stadium will wear off?  That doesn't even make sense from your "I Hate UCF" view point.

It's all going to go come down to product - more wins and less losses.  GOL and company are good enough to compete for the CUSA championship year in and year out and get to a bowl game as evidenced by visible improvements in recruiting and facilities.

[sdgukhsdgl]

What makes you think the novelty of a new stadium will wear off?  That doesn't even make sense from your "I Hate UCF" view point.

anyone want to take this one? it's like lining it up on a tee for ya...