Team Captain [455]
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Taggert buyout?
Posted: Nov 4, 2019 10:10 AM
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I hear it's $18.5M, but is it a lump sum payout? Or paid out pro-rata over the original contract terms/years? And if he is hired somewhere else does that school pay some or all of it back to FSU?
Because, lordy, that's a big chunk of $$!
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CU Guru [1668]
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Re: Taggert buyout?
Posted: Nov 4, 2019 10:13 AM
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I believe he will be available for immediate hire and the new school would not have to pay FSU any monies. He was fired and did not quit. I believe that is the difference.
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Orange Blooded [2144]
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No that’s the number for FSU buying out his contract
Posted: Nov 4, 2019 10:18 AM
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Not another school hiring him. FSU will owe him ~$18m over several years to not coach (just like Butch Jones/any other coach fired early)
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110%er [7655]
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Hopefully he is smart enough to make them pay the entire
[1]
Posted: Nov 4, 2019 10:14 AM
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amount, regardless. They are reneging on a contract they approved that is not even two years old, so I have no pity for them.
If I were him, or any coach in that situation, I would get the payments stretched out over several years, to lessen the tax hit. However he does it, do not weep for him, he be rich.
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Orange Blooded [3248]
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Re: Taggert buyout?
[1]
Posted: Nov 4, 2019 10:16 AM
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Private donors raised $20 million per press reports. School won't have to come up with anything.
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Orange Blooded [2144]
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Same thing as IPTAY buying out a coach that doesn’t work out
Posted: Nov 4, 2019 10:20 AM
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The money is still coming from somewhere within the “program” just not from the actual university in this case. Still a big hit to their available football funds especially when you factor in they still have to go out and pay a good coach to come there and potentially buy out his contract from whatever school he’s at.
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Ring of Honor [43035]
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There are unconfirmed rumors...
[2]
Posted: Nov 4, 2019 10:24 AM
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that Florida State has received more than enough in private donations to cover Taggart’s buyout.
By the times it's all said and done, the decision to hire and fire Taggart will cost FSU upwards of $20 million.
When FSU hired Taggart away from Oregon, they agreed to pay out his $3 million buyout to end his contract with the Ducks.
Florida State also agreed to pay out an additional $1.3 million that Oregon still owed South Florida when they hired him away from that school in 2016.
So, in the end, FSU will have paid over $20 million, across three buyouts, so that Taggart could go 9-12 at FSU in 21 games.
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null [null]
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Re: Taggert buyout?
Posted: Nov 4, 2019 10:31 AM
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It is not a lump sum, it's paid out over the 3 remaining years. It's also offset, so if he gets a coordinator job (like he will), the amount of his new contract will be deducted from the amount he is owed from FSU. For example, if he coordinator gig pays $500,000/yr, then that's 1.5 total million less FSU pays him.
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110%er [7442]
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Re: Taggert buyout?
Posted: Nov 4, 2019 10:34 AM
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Taggart, I believe, would only be hired as an assistant anywhere. Doubt he searches too hard.
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Orange Blooded [2144]
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If I’m him
Posted: Nov 4, 2019 10:36 AM
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I take an analyst job somewhere like Butch Jones at Bama and get all my $18 mil from FSU while not doing a lot of work but learning from an experienced HC
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Standout [320]
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Re: Taggert buyout?
Posted: Nov 4, 2019 10:47 AM
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Just do like Arkansas did with the Danny Ford deal . Hire him as a advisor, let him run the show and make him HC after his contract with Clemson expired .
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Team Captain [455]
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Re: Taggert buyout?
Posted: Nov 4, 2019 1:59 PM
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Thanks for the replys
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Hall of Famer [23556]
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the lawyers will get paid a couple million to negotiate***
Posted: Nov 4, 2019 2:01 PM
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