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Orange Blooded [2750]
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Taggart's Buyout - can anyone explain?
Nov 5, 2019, 11:14 AM
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From ESPN:
"Though Coburn was not ready to discuss the financial ramifications, he said the buyout paid to Taggart would be in the $18 million range but that discussions are ongoing and there is no timeline for a settlement."
I don't get it. He's been fired. If his buyout is $X, then they owe him $X. He has no obligation to negotiate. Why do we always hear about coaches negotiating settlements for buyouts when the number is already in the terms? Other than the threat of litigation (which would be predicated on a pretty poor case for a school that had already agreed to a figure in the contact), what negotiating leverage does a school have to talk them down?
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1st Rounder [640]
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Re: Taggart's Buyout - can anyone explain?
Nov 5, 2019, 11:17 AM
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there could be several reasons he'd negotiate. It could be $18mil now but he can't get another coaching job for a set number of years, so he'd take less money to be able to get a job next year.
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CU Medallion [51528]
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For 18 mil I would disappear.***
Nov 5, 2019, 11:21 AM
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Rock Defender [53]
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Well I tried to give a TU
Nov 5, 2019, 12:52 PM
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CU Medallion [65037]
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Orange Blooded [2613]
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If I was in that situation, I would want the payments spread
Nov 5, 2019, 1:09 PM
[ in reply to Re: Taggart's Buyout - can anyone explain? ] |
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out over a few years for tax purposes not to mention a steady income without having a job! That's a win win scenario for me and most anyone else!
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Orange Blooded [2663]
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Re: If I was in that situation, I would want the payments spread
Nov 5, 2019, 4:28 PM
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I doubt the tax implications are any different on 18 million than they are on 6 million. You're in the top bracket. Either you just pay it all at once, or you pay the same amount spread a bit.
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Orange Blooded [2613]
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But you could squeeze in more deductions over several
Nov 6, 2019, 12:35 PM
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years vice one! And I'm guessing it would be spread out more than 3 years, maybe 10??
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All-In [32592]
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All-TigerNet [11478]
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Re: Taggart's Buyout - can anyone explain?
Nov 5, 2019, 11:18 AM
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The negotiation is if the coach wants to get another job.
Most of the time it's written into the contract that buyout payments stop when the coach gets another job.
So the school offers a 1-time lump sum payment that is less than the original buyout so the coach can start to look for another job.
If the coach isn't looking for another job then payments are made in full over the span of the remainder of the contract.
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Orange Blooded [2750]
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OIC, I didn't know that other clause
Nov 5, 2019, 11:27 AM
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was typically at issue too.
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All-American [554]
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Re: OIC, I didn't know that other clause
Nov 5, 2019, 12:11 PM
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That's called the "Sanity Clause"
awe, you can't fool me. There's no such thing as Sanity Clause.
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All-TigerNet [10824]
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Re: OIC, I didn't know that other clause
Nov 5, 2019, 12:19 PM
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"Well, I certainly stepped right into that one."
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Legend [19594]
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It may be a negotiation of the terms, much like a lottery..
Nov 5, 2019, 11:35 AM
[ in reply to Re: Taggart's Buyout - can anyone explain? ] |
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It may make more sense to take a smaller lump payment and other considerations vs. full payment on a pay scale with the university restrictions.
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Orange Blooded [2287]
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Re: Taggart's Buyout - can anyone explain?
Nov 5, 2019, 11:28 AM
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If he accepts a reduced buyout then FSU agrees that they won't try to fight it when he applies for his unemployment income.
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All-In [25889]
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Re: Taggart's Buyout - can anyone explain?
Nov 5, 2019, 11:55 AM
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You must consider taxes also. Taxes on $18 million would be a big chuck. Whereas if you did it in payments, it would not hit you as bad.
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All-TigerNet [10824]
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Re: Taggart's Buyout - can anyone explain?
Nov 5, 2019, 12:22 PM
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Taggart will have an almost impossible time getting a head coaching job again. Can he be a coordinator? Assistant? Grad assistant? Water/towel assistant? Security guard?
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Starter [354]
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Scout Team [198]
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Re: Taggart's Buyout - can anyone explain?
Nov 6, 2019, 12:53 PM
[ in reply to Re: Taggart's Buyout - can anyone explain? ] |
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Until the check clears the school has all kind of negotiating power. Lawyers are paid to read clauses in imaginative ways.
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CU Medallion [67715]
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Re: Taggart's Buyout - can anyone explain? Per ACCN
Nov 5, 2019, 12:31 PM
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I hope he will get JG Wentworth involved. 1-877-cash-now
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Walk-On [118]
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Re: Taggart's Buyout - can anyone explain? Per ACCN
Nov 5, 2019, 12:56 PM
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Maybe FSU is trying to get out of the full payment by citing some sort of “cause”.
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Orange Blooded [2140]
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Re: Taggart's Buyout - can anyone explain? Per ACCN
Nov 5, 2019, 1:06 PM
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Maybe FSU is trying to get out of the full payment by citing some sort of “cause”.
Yeah, "cause" he didn't win enough games!
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Team Captain [462]
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could be smaller lump sum or payments over 30 years
Nov 6, 2019, 12:50 PM
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I am sure they made that negotiable
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CU Medallion [65037]
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Explanation: HE MUCH RICHER NOW, FOR DOING NOTHING!
Nov 7, 2019, 9:07 AM
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Replies: 23
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