According to a memorandum of understanding provided to the media by UGA, head coach Kirby Smart will receive $3,750,000 per year in cash compensation. Payments will consist of $400,000 salary and $3,350,000 in supplemental income. These monies are derived for the University’s “shoe and clothing endorsement, and as compensation for radio and television shows, programs, interviews and other appearances and endorsements.” His initial contract will be will run from January 1, 2016 through December 31, 2022.
Coach Smart will be eligible for bonuses of up $1,6000,00 per season based on the team’s performance
Georgia obviously sees the agreement as long term. Here are the buy-out provisions should Smart be fired during the term of the agreement:
“$13,500,000 if termination occurs in calendar year 2016; $10,800,000 if termination occurs in calendar year 2017; $7,050,375 if termination occurs encounter year 2018; $4,700,250 if termination occurs in calendar year 2019…” Then decreasing amounts for the remainder of the contract.
Smart Will hold his initial press conference as Georgia’s head football coach this afternoon.