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Topic: Taggart's Buyout - can anyone explain?
Replies: 23   Last Post: Nov 7, 2019 9:07 AM by: 76er®
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Taggart's Buyout - can anyone explain?


Posted: 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?


Re: Taggart's Buyout - can anyone explain?


Posted: Nov 5, 2019 11:17 AM
    Reply

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.


For 18 mil I would disappear.***

[1]
Posted: Nov 5, 2019 11:21 AM
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2019 student level memberbadge-donor-10yr.jpg

There's something in these hills.


Well I tried to give a TU


Posted: Nov 5, 2019 12:52 PM
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Dunno what happened but anyway I concur. Buy me out like that and I’d be on a Caribbean beach with a cold one in hand.


For 18 Mil, I never would have showed up in the first place!


Posted: Nov 5, 2019 4:22 PM
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Mo betta yet!

2019 orange level memberbadge-donor-05yr.jpg

If I was in that situation, I would want the payments spread

[1]
Posted: Nov 5, 2019 1:09 PM
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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!

military_donation.jpg

Re: If I was in that situation, I would want the payments spread


Posted: 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.


But you could squeeze in more deductions over several


Posted: 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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Wellllll - there's that whole pesky dying thing to consider***


Posted: Nov 6, 2019 12:37 PM
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2019 orange level memberbadge-donor-05yr.jpg

Re: Taggart's Buyout - can anyone explain?


Posted: 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.


OIC, I didn't know that other clause


Posted: Nov 5, 2019 11:27 AM
    Reply

was typically at issue too.


Re: OIC, I didn't know that other clause

[1]
Posted: 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.


Re: OIC, I didn't know that other clause


Posted: Nov 5, 2019 12:19 PM
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"Well, I certainly stepped right into that one."


It may be a negotiation of the terms, much like a lottery..


Posted: Nov 5, 2019 11:35 AM
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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.

2019 white level memberbadge-donor-10yr.jpg

"When I die, I want to go peacefully like my Grandfather did, in his sleep -- not screaming, like the passengers in his car."

"I don't suffer from insanity. I enjoy every minute of it."


Re: Taggart's Buyout - can anyone explain?


Posted: Nov 5, 2019 11:28 AM
    Reply

If he accepts a reduced buyout then FSU agrees that they won't try to fight it when he applies for his unemployment income.


Re: Taggart's Buyout - can anyone explain?


Posted: Nov 5, 2019 11:55 AM
    Reply

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.

2019 purple level member


Re: Taggart's Buyout - can anyone explain?


Posted: 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?


Re: Taggart's Buyout - can anyone explain?

[1]
Posted: Nov 5, 2019 12:44 PM
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Not correct. In that tax bracket, the taxes will be the same.


Re: Taggart's Buyout - can anyone explain?


Posted: Nov 6, 2019 12:53 PM
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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.


Re: Taggart's Buyout - can anyone explain? Per ACCN

[1]
Posted: Nov 5, 2019 12:31 PM
    Reply

I hope he will get JG Wentworth involved. 1-877-cash-now

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Re: Taggart's Buyout - can anyone explain? Per ACCN


Posted: Nov 5, 2019 12:56 PM
    Reply

Maybe FSU is trying to get out of the full payment by citing some sort of “cause”.


Re: Taggart's Buyout - can anyone explain? Per ACCN

[1]
Posted: Nov 5, 2019 1:06 PM
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jpscott1 said:

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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"If I ever have to use this baby, I want to teach it to come to Papa in a hurry."


could be smaller lump sum or payments over 30 years


Posted: Nov 6, 2019 12:50 PM
    Reply

I am sure they made that negotiable


Explanation: HE MUCH RICHER NOW, FOR DOING NOTHING!


Posted: Nov 7, 2019 9:07 AM
    Reply

:)

2019 orange level memberbadge-donor-05yr.jpg

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