Jeff Goodman from Fox Sports just tweeted that Buzz is going to probably sign a new deal with Marquette by next weekend. He says that Buzz will likely get more than $2 million a year.
http://goo.gl/B5nIZ
http://jeffgoodman.yardbarker.com/blog/jeffgoodman/source_buzz_williams_likely_to_restructure_deal_remain_at_marquette/4455406
Buzz Williams is likely remaining at Marquette, sources have told FOXSports.com, and could ink a new deal with the school prior to the Final Four next weekend.
Williams, 38, who has led the Golden Eagles to three consecutive NCAA tournament appearances since taking over after Tom Crean left, is on the verge of signing a new contract that will pay him in excess of $2 million per year.
He has a 69-37 record and led Marquette to the Sweet 16, where the Eagles lost to North Carolina.
Williams was, according to sources, one of the leading candidates for the vacant Oklahoma job.
However, his buyout was excessive at $3.8 million and Williams wasn't sold on the job, anyway, despite the fact that he's a Texas native.
Williams has been working with a six-year rollover deal that paid $1.6 million this past season, according to sources
Isn't Jeff Goodman and Buzz are pretty close?
I wish the article would go into more detail. Does this prevent him from leaving this year alone, or multiple years? If so, how? Is it based on the fact we offered him more money so we have his word he is staying, or does it prevent a buy-out for 2 years?
I don't mean to rip on Buzz but if he had no intention of ever leaving and was a man of his word, why did MU have to step up to the plate to keep him?
Quote from: mupanther on March 27, 2011, 11:35:08 AM
Isn't Jeff Goodman and Buzz are pretty close?
This is VERY good news that it came from Goodman. He probably is the tightest with Buzz of any media guy.
how many coaches make 2 million a year?
will this the job a top 15 salary?
Quote from: martyconlonontherun on March 27, 2011, 11:41:47 AM
I don't mean to rip on Buzz but if he had no intention of ever leaving and was a man of his word, why did MU have to step up to the plate to keep him?
Maybe we just stepped up to pay him what he is worth to MARQUETTE, regardless of what he may be worth to other schools.
Quote from: martyconlonontherun on March 27, 2011, 11:41:47 AM
I wish the article would go into more detail. Does this prevent him from leaving this year alone, or multiple years? If so, how? Is it based on the fact we offered him more money so we have his word he is staying, or does it prevent a buy-out for 2 years?
I don't mean to rip on Buzz but if he had no intention of ever leaving and was a man of his word, why did MU have to step up to the plate to keep him?
There is no contract that prevents him from leaving any year. He can leave whenever he wants.
Quote from: ChicosBailBonds on March 27, 2011, 12:06:39 PM
There is no contract that prevents him from leaving any year. He can leave whenever he wants.
So it could be a Crean like situation where he gets a raise every time a team is ruined to going after him?
I'm just saying that contracts are made to be broken and there is no contract that binds him here. If he wants to leave, he can leave....now, he may need to pay a huge buyout penalty, but nothing that puts him into indentured servitude.
Another article
http://www.sbnation.com/ncaa-basketball/2011/3/27/2075075/buzz-williams-marquette-basketball-coach
Quote from: The Lens on March 27, 2011, 11:33:22 AM
http://jeffgoodman.yardbarker.com/blog/jeffgoodman/source_buzz_williams_likely_to_restructure_deal_remain_at_marquette/4455406
However, his buyout was excessive at $3.8 million and Williams wasn't sold on the job, anyway, despite the fact that he's a Texas native.
I hope this is true about his buyout being $3.8 million. That will really, really cushion the blow IF he leaves, and also make him unattractive to all but the big boys. Good for the administration that they were able to negotiate a decent buyout.
What's a rollover contract?
Quote from: martyconlonontherun on March 27, 2011, 12:16:32 PM
What's a rollover contract?
Think of it as a contract that automatically extends each year.
Quote from: martyconlonontherun on March 27, 2011, 12:16:32 PM
What's a rollover contract?
Yea I have been wondering the same thing? whats the difference between that and a regular contact, during my quick google search i couldnt find a clear cut answer
Quote from: MUMac on March 27, 2011, 12:21:32 PM
Think of it as a contract that automatically extends each year.
So say he never signed an extension, and he continued on his "roll-over" contract. In 4 years, would he still have 6 years left on his "roll-over contract." If not, still don't understand.
Quote from: martyconlonontherun on March 27, 2011, 12:24:03 PM
So say he never signed an extension, and he continued on his "roll-over" contract. In 4 years, would he still have 6 years left on his "roll-over contract." If not, still don't understand.
Correct.
I'm sure the contract has a provision that MU could stop the roll-over within a certain window at the end of a season, and then the six year clock would start ticking down.
Great news. Hopefully this will provide some certainty with recruits.
I would be surprised if the buyout remains at the reported $3.8M. Buzz will likely want that taken down to give him flexibility if his "dream" job opens up.
If Texas ever wants him, they can handle 4 million.
I'm surprised the progression has gotten to Buzz potentially making $2+ million this quickly. Not that I care, but I didn't think he'd be paid this well by his 4th year here. Congrats to Buzz on that.
Quote from: TJ on March 27, 2011, 12:47:59 PM
I'm surprised the progression has gotten to Buzz potentially making $2+ million this quickly. Not that I care, but I didn't think he'd be paid this well by his 4th year here. Congrats to Buzz on that.
Could be part of the "Milwaukee tax." Once Milwaukee has good thing going owners/ADs/GM's start to overpay because they believe it's harder to get someone to stay, regardless of their true market value. I really hope Buzz is closer to being Al McGuire or Robin Yount than he is Michael Redd.
Quote from: Warrior1969 on March 27, 2011, 12:47:05 PM
If Texas ever wants him, they can handle 4 million.
Yes, but it makes it that much harder. As a coach, you don't want it too high because very few schools can offer that kind of money for a buyout.
Kudo's to Buzz and MU if this materializes. Continuity of a program is very critical today. Wish there was a way that we would not need to worry about this next year or the year after for that matter, but so is college ball in 2011.
A 6-year roll over contract means every year the contract is extended so it always has six years left.
Why? If MU ever wants to fire him, we owe him six years of salary, regardless of the year.
So, while we are all happy that his contract has a huge buyout ($3.8 million), the trade-off is we owe him $12 million (6 years at $2 million a year) if we fire him.
Looks like Buzz is with us for a while. The buyout and current salary makes him too expensive to hire and the six year rollover makes him too expense to fire.
AnotherMU---Are you certain MU would need to pay him for six years if he got booted? I would hope we are protected to certain degree on that part of a contract. I think I would roll the dice on him leaving before I promised $12 million.
Quote from: Goose on March 27, 2011, 01:07:20 PM
AnotherMU---Are you certain MU would need to pay him for six years if he got booted? I would hope we are protected to certain degree on that part of a contract. I think I would roll the dice on him leaving before I promised $12 million.
Not sure, but I thought the buyout cuts both ways. It is the amount either party would have to pay to buy out the other.
Perhaps an attorney could chime in for the legalities of it?
This is the way the current deal works (per an email conversation I had with Rosiak). Whether the new deal contains the same provision, who knows.
The point, huge buyouts do not come for free. If Buzz had a $3.8 million buyout the reason is (was?) we would owe him six years if we fired him.
As an aside, this is why I kept saying the Buzz thing was always about reporters talking to reporters and quoting each other. They never bothered to ask what Buzz got in return for a huge buyout (and could not believe it was true). What he got was a huge severance package.
Quote from: MUMac on March 27, 2011, 01:11:47 PM
Not sure, but I thought the buyout cuts both ways. It is the amount both parties would have to pay to buy out the other.
Perhaps an attorney could chime in for the legalities of it?
Buyouts do cut both way but don't have to be the same amount on each side. Now if Buzz still wants a 6-year rollover then I imagine the buyout is going much much higher.
AnotherMU---$12 million if we tire of him vs. $3.8 million if he tires of us seems to be out of whack. Especially if the $12 million rolls over every year. not saying that the deal is not set up that way, just it seems awfully one sided.
Quote from: AnotherMU84 on March 27, 2011, 01:14:56 PM
Buyouts do cut both way but don't have to be the same amount on each side. Now if Buzz still wants a 6-year rollover then I imagine the buyout going much much higher.
That is true, but a buyout would not be for the full term salary, either.
Quote from: Goose on March 27, 2011, 01:16:52 PM
AnotherMU---$12 million if we tire of him vs. $3.8 million if he tires of us seems to be out of whack. Especially if the $12 million rolls over every year. not saying that the deal is not set up that way, just it seems awfully one sided.
$3.8 is the buyout for the
current contract. $2 million a year is the number Goodman said for the
new contract. So we are comparing apples to oranges. We don't know what other provisions (besides salary) will change in the new salary. Possibly because they have not yet been negotiated which is why it will take until Friday to finalize. (Buzz may not have an agent but he better have a lawyer help him with the language, it would be irresponsible not too).
Also, notice how Goodman said he did not know if the contract included more years. A roll-over contract is forever, cannot get longer than that. I'm guessing Goodman doesn't know what this means.
Quote from: AnotherMU84 on March 27, 2011, 01:03:40 PM
A 6-year roll over contract means every year the contract is extended so it always has six years left.
Why? If MU ever wants to fire him, we owe him six years of salary, regardless of the year.
So, while we are all happy that his contract has a huge buyout ($3.8 million), the trade-off is we owe him $12 million (6 years at $2 million a year) if we fire him.
Looks like Buzz is with us for a while. The buyout and current salary makes him too expensive to hire and the six year rollover makes him too expense to fire.
Yes and no...there are ways around this, too.
These contracts have the ability for the coach to be "reassigned". So what you do, if all of a sudden you realize you are stuck with a dud, is you reassign him to work the snack bar or field maintenance and suddenly both sides agree to a buyout that is considerably less than the $12Million you're talking about above. They reach a separation settlement. It's what we did with Dukiet and Deane. It's also what schools do all the time to avoid paying all the years remaining on the contract if you truly wish to dump him. Of course a good attorney \ agent will get that language in the contract either out of there or muted enough to do his client little harm.
Quote from: MarquetteDano on March 27, 2011, 12:15:30 PM
I hope this is true about his buyout being $3.8 million. That will really, really cushion the blow IF he leaves, and also make him unattractive to all but the big boys. Good for the administration that they were able to negotiate a decent buyout.
I was told the buyout was "around $4 Million." $3.8 Million would be consistent with that.
Correct.
Buzz could be reassigned to the level 300 snow-cone machine. Then MU would need his salary to pay another coach and Buzz would need his release to go find another basketball job. A "deal" would follow soon after.
Let's not forget the larger point, if Buzz agreed to a huge buyout, it's because he getting a huge severance on the other side. He didn't agree to a huge buyout just because he's a nice guy.
AnotherMU---Buzz has never done anything for money, so maybe he is just a nice guy!
Quote from: ChicosBailBonds on March 27, 2011, 12:42:08 PM
I would be surprised if the buyout remains at the reported $3.8M. Buzz will likely want that taken down to give him flexibility if his "dream" job opens up.
I hope Crean is still dreaming in paradise.
Quote from: AnotherMU84 on March 27, 2011, 01:34:46 PM
Correct.
Buzz could be reassigned to the level 300 snow-cone machine. Then MU would need his salary to pay another coach and Buzz would need his release to go find another basketball job. A "deal" would follow soon after.
I will agree to run the level 300 snow-cone machine for $12 mil. Where do I sign up?
The buyout will remain high and reduce each year Buzz stays at MU. Very common. Crean's IU contract started with a $3M+ buyout and is now $2M.
Quote from: Fullodds on March 27, 2011, 02:28:15 PM
The buyout will remain high and reduce each year Buzz stays at MU. Very common. Crean's IU contract started with a $3M+ buyout and is now $2M.
Things seem to be different with Buzz and his "rollover contract" though, so we really can't deduce anything for certain. Crean's buyout is reducing because years on the contract are being used up. Buzz seems to have a theoretically infinite contract going so who knows what the buy-out clauses on both sides look like...
Quote from: AnotherMU84 on March 27, 2011, 01:34:46 PM
Correct.
Buzz could be reassigned to the level 300 snow-cone machine. Then MU would need his salary to pay another coach and Buzz would need his release to go find another basketball job. A "deal" would follow soon after.
Wouldn't it be awesome if a coach from some school called the bluff and accepted a very highly paid janitorial job from whoever reassigned him?
Quote from: TJ on March 27, 2011, 10:50:21 PM
Wouldn't it be awesome if a coach from some school called the bluff and accepted a very highly paid janitorial job from whoever reassigned him?
It's actually happened. Not a janitor job, but reassigned in the fund raising part of the university. It happened a few years ago. I need to find the article.
Quote from: ChicosBailBonds on March 27, 2011, 11:58:28 PM
It's actually happened. Not a janitor job, but reassigned in the fund raising part of the university. It happened a few years ago. I need to find the article.
I think it happens a lot ... or at least it's credibly threatened and then a deal is made and this never becomes public.
Buzz seems to have done pretty well negotiating for himself. Gets to save that cut that would normally go to an agent.
Quote from: ChicosBailBonds on March 27, 2011, 12:42:08 PM
I would be surprised if the buyout remains at the reported $3.8M. Buzz will likely want that taken down to give him flexibility if his "dream" job opens up.
It can stay high. All Buzz has to do is have an escape clause for certain openings, Texas for example. The high buyout keeps the trols like OU away and allows Buzz to go for the 1 or 2 gigs that may qualify as "dream job".
If we are paying 2.0 to 2.2 million per year, I sure hope the buy out is big. If he isn't willing to accept a high buy out, that would be a hugh red flag, in my opinion. It can't be a one sided deal. MU has been and kept ahead of the curve on paying Buzz, I hope he appreciates it.