|Arkansas' Smith restructured payment schedule|
|Written by Admin|
|Monday, 08 October 2012 18:20|
Smith, who was hired to a 10-month contract in April, filed for Chapter 7 bankruptcy in early September. An amended filing last week showed the former Michigan State and Louisville coach has $40.7 million in liabilities and $1.3 million in assets.
Smith's original letter of agreement in April called for him to be paid $425,000 in equal month installments from the university and the same amount from the athletic department's fundraising arm, the Razorback Foundation.
His finalized contract, signed in July, shows Smith will receive $600,000 of his salary following the end of the regular season in December and into early next year.