Thursday, December 06, 2007
Coaching bonuses take unusual form
By Michael McCarthy and Patrick Bohn, USA TODAY
December 5, 2007
The inclusion of such potentially lucrative short-term goals is increasing in the hyper-competitive world of college football, agents and athletics directors say.
Many coaches previously received longevity bonuses — money for remaining in the job for a prescribed period. But coaches and ADs are under intense pressure from fans, boosters and the media to win immediately. A longevity bonus is worthless if the coach is gone before he can collect it.
College athletics has become a huge business. As competition increases, administrators are using more sophisticated business tools to reward their highest-paid employee, says agent Neil Cornrich of NC Sports.
"Isn't this what stock options are all about?" asks Cornrich, who likes to compare his coaching clients such as Iowa's Kirk Ferentz, Oklahoma's Bob Stoops, Kansas' Mark Mangino and South Florida's Jim Leavitt to successful CEOs.
"Successful business models in our society value, and reward, results-based leadership."