The UT System Board of Regents approved a basic term sheet for new football coach Charlie Strong on Monday in a unanimous vote via conference call.
Strong and athletic director Steve Patterson agreed to a five-year deal worth $5 million annually. The contract includes a $100,000 escalator clause that starts in the second year to keep the contract competitive with the marketplace.
A formal contract will now be draw up by the university’s legal team, which should take about a week, UT President Bill Powers said.
“I’ll just say we have the right coach on the right terms to move forward,” Powers said. “I am so excited about Coach Strong being here, and I also want to say we also got the right athletic director who has done just a terrific job.”
The term sheet confirms that Texas must pay Louisville officials $4.375 million to buyout Strong’s contract with the Cardinals. To anyone’s knowledge, it’s the first time UT has paid a buyout to land a head coach.
Strong has no buyout with Texas, according to his term sheet. He is obligated to pay whatever money is due to assistant coaches if Strong takes one of them to a new school.
Should Texas fire Strong without cause, he’s due 100 percent of the salary remaining on his contract. Former coach Mack Brown had a contract that ran through 2020 but had a termination buyout clause that went down over time.
Strong’s term sheet includes fairly standard bonuses for winning the Big 12 championship ($100,000) and appearances in bowl games. Strong would receive $250,000 if UT wins the national championship and $100,000 for just playing in the national title game. He could receive anywhere from $25,000 to $50,000 for just landing in a bowl game.
Strong can receive an additional 2 or 3 percent of his annual salary depending on where Texas finishes in the top 10 rankings. He would also get as much as $75,000 depending on the team’s annual GPA.
Also, Strong said last week that he was hired to coach football first. But the term sheet clearly says his duties include, “UT media, Longhorn Network, camps, donor relations, appearances, athletic apparel arrangements, etc.”
Powers and Patterson both said all money for Strong’s contract and his buyout at Louisville would come from UT athletic department revenue. No public tax dollars will be used.
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