|W.Va.'s Rodriguez signs 1-year contract extension|
|Written by Admin|
|Thursday, 06 September 2007 14:30|
CHARLESTON, W.Va. (AP) -West Virginia coach Rich Rodriguez has signed a contract extension that makes hefty retirement contributions and commitments for millions of dollars in facility improvements.|
The signing in late August extends his contract one year through the 2013 season and includes more than $1.4 million in compensation and benefits annually. It comes eight months after he turned down a lucrative offer from Alabama and agreed to return for his seventh season in Morgantown.
The reason for the signing delay wasn't released, although Rodriguez had been seeking solid commitments from the university for facility improvements. University officials have said Rodriguez's attorneys had been reviewing the contract, a copy of which was obtained by The Associated Press on Thursday.
The contract now includes a $150,000 base salary, along with $250,000 in guaranteed supplemental compensation with increases of $50,000 each year. He also gets $350,000 in additional income if it's not earned through university-approved endorsements.
The contract replaces a clause that would have allowed him to collect $600,000 in deferred compensation in December 2011 if he remained as coach. Instead, he'll receive a $150,000 bonus on June 1 of each contract year.
Also, the university will make seven $550,000 annual payments into a retirement account and he'll be eligible for an additional $2.4 million in retirement benefits if he remains WVU's coach through the term of the contract.
Rodriguez's buyout clause doubles from the old contract to $4 million if he leaves before August 2008. The amount decreases to $2 million between August 2008 and September 2011 and to $1 million after that.
The contract includes a $2.2 million study center and $4 million in locker room renovations, which include a redesign and expansion. The commitments are contingent on private fundraising and were sought by Rodriguez.
Also, his assistant coaches will get a one-time $100,000 boost in their salary pool from the university, along with a $50,000 annual payment through the end of Rodriguez's contract.
Rodriguez, agent Mike Brown and athletic director Ed Pastilong didn't immediately return telephone messages Thursday.
A contract signed by Rodriguez a year ago paid him $1 million with $50,000 annual raises.
In December, he turned down a reported $12 million, six-year offer from Alabama, which eventually hired the Miami Dolphins' Nick Saban.
50% Bonus for New Players
Are You Ready for Hoops?
Get Your Message In Front of
Thousands of Sports Fans Now
Live Odds, Scores, Injuries
And More - 14 Day Free Trial!
Easiest Time to Play is Now!
Nearly 66% Lifetime