Contract extensions should be examined more closely
While the wrath of irate fans directed toward Skip Holtz may not be fully warranted, it brings into question the system of granting lengthy contract extensions in a field of constant change and complex interests.
Whether or not Holtz deserves to be fired as Facebook pages and self-proclaimed armchair sports gurus have suggested is somewhat of a moot point, particularly after he was granted a five-year extension this summer that makes the cost of firing him add up to $2.5 million.
Athletics Director Doug Woolard defended the decision to extend Holtzs contract on Tuesday, citing a need for stability.
But not before he received a three-year contract extension that would tie his own bonuses to performance bonuses that the coaches receive.
According to a Tampa Bay Times article, Woolard signed a contract extension on June 22 that allows him to receive incentive payments in equal and cumulative amounts to the performance incentives which are earned and paid to the head coaches.
The next day, Woolard signed five-year extensions for Holtz and mens basketball coach Stan Heath with hefty bonuses, and on June 25 these were set in place with USF President Judy Genshafts co-signature.
Holtzs incentives on his new contract doubled, giving him and thereby Woolard the potential to earn up to an extra $200,000 if the team wins a Big East title, $400,000 if the Bulls play in the national championship, $500,000 if they win the national championship and a $25,000 bonus for making a bowl game. Heaths contract allows himself and Woolard to each earn an additional $100,000 if the team wins the Big East regular season title, $100,000 for winning the Big East Tournament, $50,000 for a NCAA Tournament berth, $25,000 for each NCAA win and $10,000 for a National Invitational Tournament berth.
While few wins thus far in the football season have reaped little of these bonuses, the very system of tying these extended contracts together in binding agreements creates conflicts of interest with Woolards bonuses tied to coaches bonuses that are not in the best interest of the Athletics Department.
It would seem that the tied benefits would push better performance, but it could also lead to less willingness to breach such a contract.
Granted, while the extensions have provided Woolard with the peace of mind of having stability, and Woolards new contract has allowed Genshaft to demonstrate (her) intent and desire for success, according to the offer letter she sent Woolard, the contracts should allow for greater flexibility and fewer conflicting interests.
Holtz could be the best football coach in history and Woolard could be the best athletic director in history, but the process of financially connecting interests and performance raises ethical questions that distract from the spirit of the real games being played.
Get Top Stories Delivered Weekly
More usforacle News Articles
Recent usforacle News Articles
Discuss This Article
MOST POPULAR USFORACLE
GET TOP STORIES DELIVERED WEEKLY
FOLLOW OUR NEWSPAPER
LATEST USFORACLE NEWS
FROM AROUND THE WEB
- Food, Fuel, and Finance ... The 3Fs of Economics
- Top Tips for Timely Performance Driving
- Wellness Program Rewards Healthy New Year's Goals
- New Medical Supplement Offers Advance in Bladder Control
- Get An Edge on College Prep Tests
- Noodles to the Rescue: Make Dinner In a Snap
- Student Athletes Emulate the Pros in Abusing Prescription...
- Specialized Firefighter Training Helps Save Farmers' Lives
- One New Year's Resolution You Don't Have to Keep to Be a...
- Reverse Mortgage Can Help With Retirement Planning
COLLEGE PRESS RELEASES
- College Students Head Back to Campus with Amazon Prime Student
- Phi Kappa Phi 2017 Award Programs Now Open
- MAX FROST RELEASES NEW VIDEO FOR INFECTIOUS TRACK "ADDERALL"
- PEPSICO AND 21ST CENTURY FOX ANNOUNCE "THE SEARCH FOR HIDDEN FIGURES"
- The Most Popular Entry-Level Jobs and Companies for College Graduates