Bowden Signs New Contract Addendum
CLEMSON, SC - Clemson Head Football Coach Tommy Bowden has agreed to a new contract addendum, Director of Athletics Bobby Robinson announced Friday afternoon. Bowden's contract now extends through the 2007 football season. The addendum calls for Bowden to receive a financial package worth a minimum of $ 1.1 million per year, with potential value approaching $ 1.4 million per year.
ANNUAL COMPENSATION INCENTIVES Wins/Year Compensation Increase TERMINATION OF CONTRACT BY COACH BOWDEN
The potential to earn additional income is based on the number of regular season victories and/or performance in post season play. The compensation package is funded through revenues generated by the athletic department, as well as external compensation from radio/TV, endorsements and speaking engagements.
"Clemson University has a national and conference championship tradition, one we hope to enhance in the coming years," said Head Coach Tommy Bowden. "We have made progress, but we want to bring the Clemson football program to the next level. The support from the players, coaches, fans and administration has been tremendous."
"In a very short period of time, Clemson has become a special place to my family," Bowden continued. "I am proud to lead this football program and hope to do so for a long period of time. We have been working on terms of a contract addendum since the administration first came to me at mid-season. I am happy that the University is pleased with the progress we have made in the first two years. But, there is still much to be done."
An overview of the contract addendum between Tommy Bowden and Clemson University is attached to this release.
"Tommy, Linda, Ryan and Lauren Bowden are an important part of the Clemson Family and we hope to share success at Clemson for many years," said Clemson University President Jim Barker. "In establishing our goal to be one of the top 20 public universities in the nation, we have set high standards for athletics as well as academics. We're delighted that Tommy is committed to helping us achieve our goals."
"We are very excited in the strides that Tommy Bowden and his staff have made with our football program," said Robinson. "This contract addendum reaffirms Clemson University's commitment to Coach Bowden and the football program. We look forward to an exciting future."
BOWDEN CONTRACT ADDENDUM OVERVIEW
Add another three years to contract for a total of seven-years
Contract ends January 1, 2008
ANNUAL GUARANTEED COMPENSATION
Base Salary: $ 165,500/year (effective January 2001)
Annuity: $ 30,000/year
Radio/TV: $ 554,500/year (effective Fiscal Year 2001-2002)
Endorsement/Speaking Engagements: $ 350,000/year (effective Fiscal Year 2001-2002)
TOTAL $ 1,100,000/year
ADDITIONAL COMPENSATION INCENTIVES
REGULAR SEASON INCENTIVES
Payable each year, but added to buy-out that Coach Bowden has to pay should he leave for another school (effective Fiscal Year 2000-2001)
$ 25,000 for 8 regular-season wins
$ 50,000 for 9 regular-season wins
$ 75,000 for 10 regular-season wins
$ 100,000 for 11 regular-season wins
For winning a regular season Atlantic Coast Conference Championship: $ 25,000;
For participation in a post-season bowl game: 1/12th of annual base salary;
For participation in a BCS Series game: an additional $ 25,000;
For winning a National Championship: an additional $ 100,000;
5 wins Discretion of the Athletic Director within normal University guidelines
6 wins 6% increase of base salary
7 wins 7% increase of base salary
8-9 wins 10% increase of base salary
10 wins 10% increase of base salary, plus 5% increase in remaining package
11-12-13 wins 10% increase in overall package
TERMINATION WITHOUT CAUSE BY UNIVERSITY
If the University terminates Coach Bowden without cause, the University would fulfill the following buyout schedule.
Number of Year Remaining on Contract Buyout
7-6-5 Years $ 1,000,000
4-3 Years $ 750,000
2-1 Years $ 500,000
Existing contract/agreement remains in force, plus the total amount of regular season incentives. (Number of years remaining on the contract multiplied by the base salary, plus $ 1.2 million, plus the regular season incentives accumulated during the years of the contract.)
ANNUAL COMPENSATION INCENTIVES Wins/Year Compensation Increase
TERMINATION OF CONTRACT BY COACH BOWDEN