Store, Share, Collaborate and More with Dropbox

DiabloWags said:

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Store, Share, Collaborate and More with Dropbox

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Not interested in having my personal contact information tied to this. I should have said "anonymous" file sharing website.

Wow, that was quick. Great initiative! Did Cal try to put any restrictions on use? If so, I'd wait to put it up on the Internet until they send you knowlton's contract so you don't piss anyone off.

And someone more in the know has to have a good rec on anonymous file sharing. Could just do a burner Google account and put it on drive.

BearGoggles said:

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DiabloWags said:

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Store, Share, Collaborate and More with Dropbox

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Not interested in having my personal contact information tied to this. I should have said "anonymous" file sharing website.

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11 Free Anonymous File Sharing Services With Temporary Online Storage (geckoandfly.com)

https://smallpdf.com/share-document

BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

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I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

calumnus said:

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MrGPAC said:

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BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

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I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

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Right, his contract is for 5 more years, through 2027 at roughly $5 million per year or $25 million. His contractural buyout for those five years (if fired after this season) is $19.5 million.

Wilcox may have a contractural obligation to mitigate that by seeking other employment, but unlikely anyone is going to hire him at the same level. Most likely as a DC or HC at a lower level, but that would be only about $1 million a year. Plus we have Knowlton negotiating for us. Maybe he gives Wilcox extra money because he has had to deal with shrinking crowds and all the losing?

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calumnus, do you have a source for that 19.5M figure? According to the "Termination without cause" clause that was screenshot by @PiotrLe on twitter a few days ago (tweet linked below), Wilcox is owed 100% of the remaining base salary, talent fee, AND retention bonus remaining on his deal, which would be 24.3M if fired after this season.

Notes: the extension does not supersede nor replace the language from the past deal re: Termination Without Cause (which includes firing due to poor football performance). pic.twitter.com/py6iPnO0Yf

— Piotr with an Axe (@PiotrLe) October 18, 2022

Here is the actual Section 12 from Wilcox's contract - it does have duty to mitigate provisions.

calumnus said:

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MrGPAC said:

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BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

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I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

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Right, his contract is for 5 more years, through 2027 at roughly $5 million per year or $25 million. His contractural buyout for those five years (if fired after this season) is $19.5 million.

Wilcox may have a contractural obligation to mitigate that by seeking other employment, but unlikely anyone is going to hire him at the same level. Most likely as a DC or HC at a lower level, but that would be only about $1 million a year. Plus we have Knowlton negotiating for us. Maybe he gives Wilcox extra money because he has had to deal with shrinking crowds and all the losing?

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I edited my post for clarity. The contact is for 5 more CALENDAR years through 12/31/27. So the $24M number is the buyout if Cal terminates his contract on 12/31/22.

CalLifer said:

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calumnus said:

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MrGPAC said:

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BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

---

I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

---

Right, his contract is for 5 more years, through 2027 at roughly $5 million per year or $25 million. His contractural buyout for those five years (if fired after this season) is $19.5 million.

Wilcox may have a contractural obligation to mitigate that by seeking other employment, but unlikely anyone is going to hire him at the same level. Most likely as a DC or HC at a lower level, but that would be only about $1 million a year. Plus we have Knowlton negotiating for us. Maybe he gives Wilcox extra money because he has had to deal with shrinking crowds and all the losing?

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calumnus, do you have a source for that 19.5M figure? According to the "Termination without cause" clause that was screenshot by @PiotrLe on twitter a few days ago (tweet linked below), Wilcox is owed 100% of the remaining base salary, talent fee, AND retention bonus remaining on his deal, which would be 24.3M if fired after this season.

Notes: the extension does not supersede nor replace the language from the past deal re: Termination Without Cause (which includes firing due to poor football performance). pic.twitter.com/py6iPnO0Yf

— Piotr with an Axe (@PiotrLe) October 18, 2022

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$19.5 million is the sum of the 5 buyout payments Faraudo listed (and misunderstood and misrepresented).

MrGPAC said:

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BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

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I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

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The contract in the attached pic specifically states 100% of base salary, talent fee, and retention bonuses remaining for the duration of the contract. It does seem quite sloppy in that the year 2-6 total values don't match the numbers for total salary. My guess is they could have been form a previous version, but can't tell without more docs. That could be the decrepnecy between the $19.5 and $25 million. It's clear that Farudo misread the contract by not summing up the remaining years.

As for mitigation, remember how DeRuyter was making 400k his first two years (while still getting paid by Fresno) and 850k the third year. That's pretty blatantly getting around mitigation in full, so would not expect mitigation to nessarily be 1 million for a DC job.

ColoradoBear said:

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MrGPAC said:

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BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:

---

I would at the very least think that a "retention bonus" wouldn't have to be paid in the event of a buyout. Granted, that would only save 1.5 million off that amount.

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The contract in the attached pic specifically states 100% of base salary, talent fee, and retention bonuses remaining for the duration of the contract. It does seem quite sloppy in that the year 2-6 total values don't match the numbers for total salary. My guess is they could have been form a previous version, but can't tell without more docs. That could be the decrepnecy between the $19.5 and $25 million. It's clear that Farudo misread the contract by not summing up the remaining years.

As for mitigation, remember how DeRuyter was making 400k his first two years (while still getting paid by Fresno) and 850k the third year. That's pretty blatantly getting around mitigation in full, so would not expect mitigation to nessarily be 1 million for a DC job.

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The numbers in the Section 12 provision I posted were his original contract which has been amended three times to increase his salary. The numbers were most recently changed in the third amendment signed in December 2021.

With the help of a board member, I found a free hosting site. Here is a link to all of the contract documents:

https://file.io/UIOf9vmPkZD7

EDIT: See google drive link directly below. Thanks to from eastcoastcal!

Google Drive link to the contract pdfs:

https://drive.google.com/drive/folders/180yVcXg1jUXtY12krBBz9SxiWiA9Hzrq?usp=sharing

harebear said:

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bearsandgiants said:

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Major donors aren't that bright, it seems. Kind of embarrassing.

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I'm not so sure they consulted with major donors on this.

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That's my point.

BearGoggles said:

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FWIW - I took a quick look at the contract and it appears that if Cal fires Wilcox without cause, it is obligated to pay Wilcox the full remaining amount of his contract, per Section 12 of his original 2020 contract. As of today, that is over $24M.

Here is the breakdown in salary:



Edit: For clarity sake, the years above are calendar years (not football seasons). Wilcox's contract ends on 12/31/2027

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Thanks to GB and CB for their efforts to provide the source materials.

My read is that the buy-out amount today probably is higher than $24.3M. I think you have to look at the numbers listed in the Third Amendment dated 12/31/2021 from the "base salary, talent fee, and retention bonus as set forth in Section 2 (A), (B), & (F) in the Contract Addendum", assuming retention bonuses are paid after year end, etc. Depending on a proration of Wilcox's salary and fee income, the number probably around $27 to 28 million, not taking into account the value of any vested pension benefits, or offset by standard mitigation duties. The amounts would be payable over time from date of termination through 12/31/27. The course of conduct typically in these matters is to negotiate a lower one-time buy out, and to eliminate the duty to mitigate, and someone with a sports agent background (if he reads this) could speculate what the numbers might be.

Quibbling over the numbers is IMO a useless endeavor at this point. Like the alum who inquired of Knowlton was told, the pay-out is too large to fund, whatever it might be, and there really is no strong desire either from the administration or fan base to terminate Wilcox, presumably if he takes action to address the current problems with the program. The assumption was that both the administration and fan base at the time of third extension were willing to ride with Wilcox for some time, and the concern was that he would leave the program for another suitor like Oregon. In that regard, the consideration for the additional compensation and buy out in the Third Amendment appear to be the amendment to Section 13, where the amounts Wilcox would have to pay Cal if he left Cal were dramatically increased. Cal administrators wanted a "golden handcuff" on Wilcox, and paid for it. You may not like the outcome of that thinking presently, but what that Third Amendment effectively did was bond Wilcox and Cal together for some time. It was a calculated risk (at least I hope some calculation went into that strategy), and if Wilcox turns it around, all of a sudden, Cal looks a lot better. It is not unusual these days to see a contract like this with a big buy-out for both the program and the coach, when dealing with a coach who is in high demand. In any event, my two cents.

Realistically then, we would have to wait until the end of '25 season at the earliest to dismiss him for close to $12M. If so, his job is secure for THREE AND A HALF more seasons. Gird up thine loins. Bargaining for a lower one-time buyout amount to be paid sooner would then leave us with less immediate $ to obtain a proven HC & coordinators, thus repeating the cycle of unproven HCs who predictably prove to be losers.

It might get even worse than that b/c Knowlton has been AUTOMATICALLY providing him an extension & raise every 2 years. If that pattern continues, on late '23 or early '24 there could be an automatic extension through '28 & '29, each for over $5.5M for an additional burden of at least $11M (more probably ~$12M). In this classic knowltonian scenario (a mere 7-win '23 regular season plus a win in some cheesy bowl over a 7-6 juggernaut would warrant another extension+raise in Jimmy's "mind" to lock in our high demand 5 to 7 win big cheese), a late '25 dismissal would then still cost ~12M + ~12M = ~$24M.

There may be only one potential fix. Wilcox will need to shift half of his own salary to the hiring of more upscale assistants on offense. I hope that he is not the type of guy who would prefer to be a richer failure.

Do we all understand that the huge salaries for the revenue sport coaches do not come out of "university money" and also that the AD does not unilaterally decide on the contract length or contract amount for the football coach? (basketball coach decision was only due to apathy from other stakeholders)

Okay, now we can continue this discussion...

eastcoastcal said:

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Thanks for doing the grunt work and obtaining a copy and reporting to us. In other news, our AD is a confirmed idiot

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What does that make the Chancellor, since she hired him.

And here I thought the worst Cal contract ever was the 5-year guaranteed deal that Wyking got from Mike Williams (another AD fail).