Replies: 7
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Legend [16634]
TigerPulse: 100%
Posts: 16710
Joined: 8/19/04
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CUAD did not renew coaches bonus insurance policy
Dec 24, 2017, 4:18 AM
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Clemson did not renew football bonus insurance policy that saved $1.3 million last year
Clemson head coach Dabo Swinney celebrates after the Tigers 38-3 win over Miami in the ACC championship at Bank of ...more BART BOATWRIGHT/Staff Facebook Twitter Email Aa _ + Manie Robinson | mrobinso@greenvillenews.com Updated 9:30 a.m. ET Dec. 22, 2017 Before this season began, few people outside the Clemson locker room expected the Tigers to reach the College Football Playoff for a third consecutive year. Adam Goldfarb and Michael Wright were among that confident few.
Goldfarb and Wright operate Risk Point Consulting Group in Marietta, Georgia. Last year, they brokered an insurance policy for the Clemson athletic department that covered the performance bonuses coaches earned through incentive clauses in their contracts. The policy premium cost Clemson approximately $272,000. It capped the department’s total payout for bonuses at $2 million. Clemson coaches led the Tigers to the national championship and maximized their bonus packages. According to Clemson deputy director of athletics Graham Neff, the policy saved the department $1.3 million. Prior to this season, administrators requested a quote on a similar policy. Considering the team lost its brightest stars and strongest leaders, Clemson dropped in most preseason projections — except for the one Goldfarb and Wright submitted to the athletic department.
“The rates at which they quoted us were basically the same as last year,” Neff said. “It surprised us a little.” The athletic department did not share Risk Point’s confidence. After assessing the potential reward against the budgetary risk, administrators elected to decline the policy this season. They have never been more pleased to be wrong.
Show Caption Clemson repeated as Atlantic Coast Conference champions and returned to the Playoff. The Tigers will face Alabama in the Sugar Bowl semifinal on New Year's Day. More: Christmas comes early for Clemson coach Dabo Swinney More: Early signing period is a 'new deal' for Clemson coach Dabo Swinney More: Clemson football: Dabo Swinney's coaching staff is maintaining continuity Clemson assistant coaches could compile a maximum bonus of $1.1 million. Head coach Dabo Swinney earned $1.5 million in bonuses last year. His maximum bonus this season is $1 million.
Swinney earned $200,000 for winning the ACC title and another $200,000 for reaching the Playoff. According to Neff, the administrators did not beat themselves up about their missed opportunity. The coaches did that for them. “We were in the locker room in Charlotte after they won the ACC Championship,” Graham recalled. “All of a sudden, one coach pulls me aside. He goes, ‘Did you guys buy the insurance?’ “I said, ‘No, Coach, we didn’t.’ He goes, 'You didn’t believe! You didn't believe in us!' We laughed. Then, we paused, and he says, 'I probably wouldn’t have bought it either.’” There is prudence in the coach’s tease. The department’s decision was not induced by doubt. It was prompted by practicality.
Clemson head coach Dabo Swinney celebrates with his team after their 38-3 ACC championship win over ...more BART BOATWRIGHT/Staff Several reasonable scenarios would have negated the merit of the policy. For instance, if Clemson had closed the regular season 10-2 instead of 11-1, finished second in the ACC Atlantic Division instead of first, and played in the Citrus Bowl instead of the Sugar, the cost of the insurance premium would have been approximately $50,000 higher than the staff total for performance bonuses. “We have to make a value-based decision too,” Neff said. “We don't just pull the trigger on it. We run the values and see if it makes sense. We’re still going to pay a lot of bonuses this year. Hopefully more.” Now that another championship and another payout are within reach, like most people outside the Clemson locker room, administrators are significantly more confident in the team’s capabilities. They have the developed the faith of an insurance broker. “This was supposed to be a ‘rebuilding year,’” Neff said with a laugh. “The insurance folks said it wasn’t going to be. That proved to be true.”
text facebook twitter email Originally Published 10:23 a.m. ET Dec. 21, 2017 Updated 9:30 a.m. ET Dec. 22, 2017 Share your thoughts Join now for as low as $9.99/YR Subscribe Now Facebook Twitter Email Sponsored Links . Georgia: Best & Worst Refinance Mortgage Companies of 2017 Comparisons.org Overwhelmed by Customer Data? Download This from IBM IBM The Easy Way to Get Cash That Car Owners Don't Know About Titlemax Don't Do It Yourself - Hire a Atlanta Handyman for Your Home Projects HomeAdvisor by Taboola FROM THE GREENVILLE NEWS Clemson football: How much does it cost to be a fan of the Tigers? 3 days ago RECOMMENDED Clemson defense excels when coach Brent Venables gets extra time to prepare for bowl game Christmas comes early for Clemson coach Dabo Swinney USC Frank Martin after loss to Clemson Jake Venables 'excited, nervous,' about playing for his father, Clemson's defensive coordinator Sponsored LinksAD CONTENT This New 10-Minute Workout Blasts Fat from Head to Toe 8fit - Download From Android FROM THE GREENVILLE NEWS Clemson student killed in wreck on I-85 4 days ago RECOMMENDED College football's early signing period makes its debut Greenville Main Street restaurant Soby's to close for renovation Jan. 1 Clemson men's basketball team gets stingy right before Christmas Wofford Terriers shock No. 5 North Carolina Tar Heels Sponsored LinksAD CONTENT Forget Social Security if you Own a Home (Do This) Clever Economy Quotes FROM THE GREENVILLE NEWS Greenville pastor speaks on journey beyond Redemption 6 days ago RECOMMENDED Larger trophy room? Dabo Swinney may need the extra space McKelvey has fond memories of Southside's state championship run Clemson coach Brad Brownell says rivalry game with Gamecocks 'should be sold out' Upstate students spend the day with Clemson football players Sponsored LinksAD CONTENT 12 Smart Travel Hacks Citi Back To Top HELP TERMS OF SERVICE PRIVACY NOTICE YOUR CALIFORNIA PRIVACY NOTICE AD CHOICES OUR ETHICAL PRINCIPLES ACCESSIBILITY SUPPORT FULL SITE © Gannett 2017 .
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All-Conference [409]
TigerPulse: 100%
Posts: 743
Joined: 9/5/05
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Don't drink and copy/paste.
Dec 24, 2017, 6:08 AM
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Kidding, but in the future - spend like 10 seconds reviewing your post (or link to the actual article) so it's not so cumbersome to read. Thanks for the article, I'd heard rumblings of it but it's nice to be able to put some numbers with it. Think how many slides we could've built with that money.
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Legend [16634]
TigerPulse: 100%
Posts: 16710
Joined: 8/19/04
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Re: Don't drink and copy/paste.
Dec 24, 2017, 7:42 AM
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yes know. I just copied the entire article which was broken up with ads and teasers on other article. Plus it came from The State so what you expect. LOL
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Hall of Famer [23811]
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Posts: 9718
Joined: 10/7/15
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Can I get Goldfarb and Co to give me their pick in the Semi?
Dec 24, 2017, 10:12 AM
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And the natty?
tia
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All-TigerNet [11049]
TigerPulse: 100%
Posts: 8145
Joined: 11/2/01
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They should’ve consulted with ALLweatherfan, who bought tickets in June
Dec 24, 2017, 10:57 AM
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To the ACC Championship game for $26 each.
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Orange Blooded [2016]
TigerPulse: 81%
Posts: 2756
Joined: 12/27/06
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Why does anyone anywhere need to know this
Dec 24, 2017, 11:05 AM
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Junk? I surely dont want dan radakovich knowing my financial business. And i dont care about his.
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Oculus Spirit [93156]
TigerPulse: 100%
Posts: 95154
Joined: 12/25/09
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Rough Christmas?
Dec 24, 2017, 12:54 PM
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I read and posted the article a couple days ago. I thought it was hilarious that when the coaches and administration got together and discussed the subject they all agree that not one of them would have paid the money betting that we'd get back to the playoffs.
The funny part was that all of them were delighted to be wrong. All in all it revealed a great bonding between our coaching staff and the administration. That's was missing when Danny won our first NC.
It made me feel warm and fuzzy inside. Doesn't it make you happy?
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Oculus Spirit [93156]
TigerPulse: 100%
Posts: 95154
Joined: 12/25/09
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Germans***
Dec 24, 2017, 12:50 PM
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Replies: 7
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