Kelly’s $50M buyout is not what many think it is
He has a Mitigation of Damages clause in the contract. In other words he must look for a new job, and any salary is her earns is an offset against the $50M
Link: https://ath-ems.lsu.edu/prr/contracts/Employment%20Contracts/Football/Brian%20Kelly%20-%2011.28.21.pdf
Replies to: Kelly’s $50M buyout is not what many think it is
Not only that, but there are rumors surrounding them pushing him for a reduced settlement.
Via his "morals clause."
Morals clause?
Did he switch his ass-grinding from recruits to co-eds?
He'd fight even the slightest reduction tooth and nail in my view...unless they had him squarely dead to rights on something.
To hear the locals tell it...
...it circles back to the alleged situation with his realtor down there. This was apparently the driver behind his 3-day divorce filing, as well. It was allegedly swept under the rug.
And to your point, the initial discussion on Sunday where they met involved a conversation about a reduced settlement for the buyout, which he flatly rejected.
Pretty standard.
He can go work at CBS 8 hours a week and make $100K and still get all the money.
Wasn’t that around $19 M ?
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Re: Kelly’s $50M buyout is not what many think it is
I mean, yeah, sure, but Charlie Weis’ golden parachute had a not dissimilar mitigation clause, and how did that work out for us?
So I would say no it’s exactly what people think it is
Re: Kelly’s $50M buyout is not what many think it is
I think it is fair to say that the expectation is these mitigation clauses are effectively negligible, and about as valuable as the 90% clause, which it also commonplace, but doesn’t make the headline number
Generally speaking, golden parachutes payout at about 80% of the top line number. The only real exceptions are when somebody is fired not for under performance, but because the dream candidate became available (and when that does happen, it’s usually a amicable separation with a nice settlement helping pave the way to the next job).
Red flag: he signed in purple. Pretty standard clause - Franklin has the same. All it means
is if he takes a job somewhere and LSU will supplement the difference in pay. So, if he takes a job at Alcorn state for $85/yr, LSU supplements his pay. It's not necessarily a bad deal for him or them, and whoever hires him, if that ever happens, can take a risk on him at a lower rate.
To satisfy the "looking for work" requirement, he has an agent who will shop him, so he'll satisfy that easily.
LSU people must really dislike Kelly to leak a copy of his contract.
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They really dislike(d) him from the word go.
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As a public employee, it may be public knowledge
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Upon request.
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