Saturday, December 29, 2012

Kevin Ollie Signs 5-Year Contract Extension

A couple of weeks ago, Kevin Ollie was asked what he’s telling recruits about his future at UConn.

“I’m going to be here for a lifetime,” Ollie said. “It’s not seven months, seven years, 27 years … I’m going to be here. That’s what I believe.”

It may not be for a lifetime, but Ollie will be in Storrs for at least another five years.

The first-year UConn coach has agreed to a contract extension that beings next season and will keep him on the Huskies’ sidelines through at least 2017-18. The contract is reportedly worth a little over $7 million and includes stipulations that the Huskies must maintain at least standard Academic Progress Rate (APR) scores. Those stipulations are similar to -- but not identical to -- those in Jim Calhoun's last contract. Calhoun wound up having to forfeit his national championship bonus in 2011.

Here are the details:

Ollie will receive a base salary of $400,000 per calendar year and he’ll receive $800,000 for institutional speaking engagements and media-related appearances for a total of $1.2 million. The payment for speaking engagements will increase by $50,000 each year, meaning his total compensation for each year will be: $1.2 million (2013), $1.25 million (2014), $1.3 million (2015), $1.35 million (2016), $1.4 million (2017) and a $502,500 for 2018 (annualized from Jan. 1 to April 15).

Ollie will receive the following payments for postseason performance: one month of annual base salary ($33,333) for winning a conference regular season championship; one month for winning a conference postseason tournament; one month for participating in the NCAA tournament; one month for reaching the regional semifinals of the NCAA tournament; one month for advancing to the NCAA Final Four; and, two months for winning the national championship.

Ollie will receive a half-month salary bonus ($16,666) for being named a national or conference coach of the year.

Ollie will also have incentive to keep his team’s APR score up to par. He’ll receive a $10,000 payent for an annual APR score of 930 or more. A four-year APR score of 930 or above will result in a one-time payment of $50,000.

If UConn fall short of a 930 APR in an academic year, Ollie will get no postseason payments and a financial sanction could be imposed in the form of withholding payment of the equivalent amount of two weeks’ compensation of base salary. Two straight years of a substandard APR could result in suspension of pay or termination of employment with just cause.

Once the four-year APR score for the team reaches 930, the APR language in the contract will revert to standard APR language in all UConn head coaches’ contracts.

That’s a bit different from Jim Calhoun’s last contract extension, agreed to in 2010. Calhoun had to forfeit his 2011 national championship bonus (about $87,500) as well as donate $100,000 to UConn’s general scholarship fund due to low APR scores.

Ollie’s buyout price is $3 million in 2013, $2 million in 2014, $1 million in 2015, and $800,000 in 2016 and 2017.

The same would be owed by UConn if the agreement is terminated for any reason other than just cause.


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