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[RUJohnny99]

From his renegotiated contract

In the case of termination of Mr. Flood by the University without cause,
Rutgers shall pay Mr. Flood $1,400,000 and no other amount or item.
The amount to be paid shall be paid minus all applicable and
appropriate payroll deductions on a bi-weekly basis in equal
installments in accordance with regular University payroll procedures,
from the date of termination through February 28, 2019.

So, if I'm reading that right, if fired today Rutgers doesn't owe him an upfront paycheck, but $16,471 every other week over the next 171 weeks, offset by "any other employment" per his original contract.

Roughly
$49,413 for the rest of 2015
$428,250 for 2016
$428,250 for 2017
$428,250 for 2018
$65,837 for 2019

Just to put this number in perspective, in 2015 Rutgers took the 50/50 away from the Touchdown Club and started selling it themselves. Jackpots went from $15-20,000 to $40-50,000. A $45,000 per game 50/50 covers 3/4 of Flood's buyout.

You can take the fallacy of "his buyout is too high" off of the table.

 

[ArminRU]

Does Rutgers pay this or Towers?

 

[RUJohnny99]

Only Barchi & Flood autographs on the contract.

 

[cRURah]

From his renegotiated contract

In the case of termination of Mr. Flood by the University without cause,
Rutgers shall pay Mr. Flood $1,400,000 and no other amount or item.
The amount to be paid shall be paid minus all applicable and
appropriate payroll deductions on a bi-weekly basis in equal
installments in accordance with regular University payroll procedures,
from the date of termination through February 28, 2019.

So, if I'm reading that right, if fired today Rutgers doesn't owe him an upfront paycheck, but $16,471 every other week over the next 171 weeks, offset by "any other employment" per his original contract.

Roughly
$49,413 for the rest of 2015
$428,250 for 2016
$428,250 for 2017
$428,250 for 2018
$65,837 for 2019

Just to put this number in perspective, in 2015 Rutgers took the 50/50 away from the Touchdown Club and started selling it themselves. Jackpots went from $15-20,000 to $40-50,000. A $45,000 per game 50/50 covers 3/4 of Flood's buyout.

You can take the fallacy of "his buyout is too high" off of the table.

Great catch. First time I've heard it deciphered in this manner. Peanuts, absolute peanuts by today's standards. No need to worry about firing him for cause. This buyout is peanuts whether funded by donors or the university.

 

[letitrip2]

The money issue - considered by almost everyone on this board to be a fact - has always been a smoke screen. Just look at the real facts since we got into the Big 10 - Attendance, ticket prices, donations (both required and voluntary), as well as conference money (even the current partial share of BIG 10) are all significantly up in the last 2 years. In addition, coaching salaries are a fraction of what they were when Schiano was here when were in the Big East.

Behind the scenes the athletic money crisis has been floated by the RU administration to the useful idiot "insiders" because it gets them off the hook for this mess. We have the money - but we also have a president (and many on the BOG) who are simply not interested in sports and give every indication that they are actually insulted that coaches make so much money.

This is not a money issue but a leadership issue.

 

[ArminRU]

Your original post says if he's fired he's only due $1.4mil. Wouldn't we need to pay him is remaining 3 years of the contract as well?

 

[saltpepperketchup]

Cut the 1.4 in half. Jules secured $700k, which was the amount that the buy out was increased in the extension from donor commitments. RU is only on the hook for the original $700k.

 

[RUJohnny99]

Your original post says if he's fired he's only due $1.4mil. Wouldn't we need to pay him is remaining 3 years of the contract as well?

"and no other amount or item."

 

[ArminRU]

"and no other amount or item."

Well if that's the case. We're only on the hook for $700k at the most, and that's spread out over a few years. So firing Flood will cost close to nothing.

 

[RUseaweed]

I look forward to reading the Star Ledger's take on your analysis tomorrow morning.

 

[RU5781]

Actually, we want the SL to run with this.

 

[Upstream]

The cost of firing Flood wasn't really the issue, especially since Towers, et al, had pledged to cover the cost of the buyout. The issue is the additional money to pay a new coach and staff. If a new coach and staff costs $2 MM more than the current, then that ultimately means that $2 MM needs to come from somewhere else. But that still represents less than 3% of the athletic dept budget. It shouldn't be too hard for Julie to find 3%, or at least put together a reasonable plan in which the University covers some portion of that.

 

[RU5781]

The cost of firing Flood wasn't really the issue, especially since Towers, et al, had pledged to cover the cost of the buyout. The issue is the additional money to pay a new coach and staff. If a new coach and staff costs $2 MM more than the current, then that ultimately means that $2 MM needs to come from somewhere else. But that still represents less than 3% of the athletic dept budget. It shouldn't be too hard for Julie to find 3%, or at least put together a reasonable plan in which the University covers some portion of that.

Towers isn't paying.

 

[scottydont]

"Without cause."

Don't they have cause at this point, with the policy violation and attempted cover-up?

 

[ruhudsonfan]

Towers isn't paying.

So in addition to mooching off his wife's success he's a deadbeat too?

lulz

 

[RU5781]

So in addition to mooching off his wife's success he's a deadbeat too?

lulz

That's what I've heard. Gotta love it.

 

[ClassOf02]

So in addition to mooching off his wife's success he's a deadbeat too?

lulz

That's what I've heard. Gotta love it.

I've been wondering. Maybe there's a nice little byproduct of this second investigation. Hear me out. There's enough in the report to fire with cause (big question mark). Julie gets to say to Towers "we don't need your buyout money." Towers obviously likes that, and Julie (plus the report) convinces him that his support should go to Rutgers, not to Flood. Julie becomes the hero by saving him money and keeps a big donor in the fold. Flood goes away with his tail between his legs.

Or maybe Towers is just going to renege completely, in which case -- well -- I'll keep those thoughts to myself for now.

 

[Upstream]

Towers isn't paying.

I'm giving him the benefit of the doubt to honor his commitment, until he officially renegs. There are others involved as well, so I don't know that they all reneg.

But even if everyone renegs, my point is the same: it is the funding for the new coach that is the more significant issue.

 

[knightfan7]

Actually, we want the SL to run with this.

I never want the NSL or NJ.com to run with anything when it comes to RU because it never ends well lol.

The info is eye opening and kind of puts the $ thing in the less of a factor category.

 

[RU5781]

I've been wondering. Maybe there's a nice little byproduct of this second investigation. Hear me out. There's enough in the report to fire with cause (big question mark). Julie gets to say to Towers "we don't need your buyout money." Towers obviously likes that, and Julie (plus the report) convinces him that his support should go to Rutgers, not to Flood. Julie becomes the hero by saving him money and keeps a big donor in the fold. Flood goes away with his tail between his legs.

Or maybe Towers is just going to renege completely, in which case -- well -- I'll keep those thoughts to myself for now.

I THINK he's attached at the hip with Flood.
We haven't really seen a dime from him anywhere.