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Tears Nole Tears (“Offcial”)

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Brains said:
I "think" what he's saying is that Norvell is due 85% of the remaining contract, as those payments "would have come due" under his contract. Most probably, that would mean during the pay periods established by his contract.

Of course, that still means he's due his next payment, and the rest of them, at 85% of face value.

Is he not due his next payment until next July?

I don't know. I can't do this anymore.
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I'll read it again, though. It's terribly constructed. And it's stupid on TJ Pittinger's part.

So even if he THINKS it makes sense, this is what (presumably) is being pitched, I guess.

F$U does not need to come up with the 85% of the remaining contractual buyout immediately. This may or may not be true. It looks like when the 8-year extension was negotiated, it was an amendment to an existing contract, and thus did not contain new terms as it relates to a "you're fired" payout schedule. What that means is that the terms of the original contract still hold when it comes to a buyout. And since the earlier buyout would have been much lower, I'm not quite sure why TJ Pittinger thinks that F$U would just be allowed to pay 85% of Prison Mike's salary on an annual basis. I don't think Prison Mike's agent would have agree to that, but let's move on.

The next aspect that made me laugh is how TJ Pittinger is acting like there is some Finance 101 exam question involved here. As in "if 85% of Prison Mike's annual salary is less than the loss of money to the program annually, do you still fire Prison Mike?" But here is what that oversimplification involves:

a. the math would work out if, you know, F$U did not ALSO HAVE TO HIRE ANOTHER COACH. And probably pay him more than what Prison Mike makes.

b. It's not so smart to get roped into a Bobby Bonilla annual contract for the next 10 years. Even if there is some time-value-of-money associated with the deferral, you still have to pay the money. And given all of F$U's uncertainty over the ACC and its future conference affiliation, as well as the proposed renovation of Joke Crap-bell Stadium, I'm not sure they want to be writing $8.5 million checks annually for a guy who no longer works there.

c. I'm not sure that F$U has actually lost "9 to 10 million per year" based on this one year of Prison Mike. They still get the same ACC revenue share check, though they will certainly not get the "success bonus" they thought they were going to earn. And unless the ACC gets 2 or 3 teams into the CFP, there was not going to be a bump for post-season money. Put this another way, if F$U had gone 9-3, they would have lost all those things anyhow (post-season money, ACC success bonus), but they would definitely not have lost "9 to 10 million". Now, they might lose that much IN THE FUTURE, this is true. But not every single year for 10 years. If you win, the REVENUE is restored, but the expense would have to be paid every single year.

Whatever. F$U and its fans can act like this is "smart math", but it's a brutal hit no matter how you slice it. This would be the largest buyout in college football history if it happens (unless Lincoln Riley is also fired).
 
TheOriginalCane said:
I'll read it again, though. It's terribly constructed. And it's stupid on TJ Pittinger's part.

So even if he THINKS it makes sense, this is what (presumably) is being pitched, I guess.

F$U does not need to come up with the 85% of the remaining contractual buyout immediately. This may or may not be true. It looks like when the 8-year extension was negotiated, it was an amendment to an existing contract, and thus did not contain new terms as it relates to a "you're fired" payout schedule. What that means is that the terms of the original contract still hold when it comes to a buyout. And since the earlier buyout would have been much lower, I'm not quite sure why TJ Pittinger thinks that F$U would just be allowed to pay 85% of Prison Mike's salary on an annual basis. I don't think Prison Mike's agent would have agree to that, but let's move on.

The next aspect that made me laugh is how TJ Pittinger is acting like there is some Finance 101 exam question involved here. As in "if 85% of Prison Mike's annual salary is less than the loss of money to the program annually, do you still fire Prison Mike?" But here is what that oversimplification involves:

a. the math would work out if, you know, F$U did not ALSO HAVE TO HIRE ANOTHER COACH. And probably pay him more than what Prison Mike makes.

b. It's not so smart to get roped into a Bobby Bonilla annual contract for the next 10 years. Even if there is some time-value-of-money associated with the deferral, you still have to pay the money. And given all of F$U's uncertainty over the ACC and its future conference affiliation, as well as the proposed renovation of Joke Crap-bell Stadium, I'm not sure they want to be writing $8.5 million checks annually for a guy who no longer works there.

c. I'm not sure that F$U has actually lost "9 to 10 million per year" based on this one year of Prison Mike. They still get the same ACC revenue share check, though they will certainly not get the "success bonus" they thought they were going to earn. And unless the ACC gets 2 or 3 teams into the CFP, there was not going to be a bump for post-season money. Put this another way, if F$U had gone 9-3, they would have lost all those things anyhow (post-season money, ACC success bonus), but they would definitely not have lost "9 to 10 million". Now, they might lose that much IN THE FUTURE, this is true. But not every single year for 10 years. If you win, the REVENUE is restored, but the expense would have to be paid every single year.

Whatever. F$U and its fans can act like this is "smart math", but it's a brutal hit no matter how you slice it. This would be the largest buyout in college football history if it happens (unless Lincoln Riley is also fired).
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Agree. I don't think this football social media guy has found some extra special legal loophole.

If FSU really get serious about canning Norvell, I'd expect them to try to mediate, and then come to some negotiated lump-sum, which would also have to be bigly.
 
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Brains said:
Agree. I don't think this football social media guy has found some extra special legal loophole.

If FSU really get serious about canning Norvell, I'd expect them to try to mediate, and then come to some negotiated lump-sum, which would also have to be bigly.
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I'm not sure what would/could/should be mediated, though.

On Prison Mike's side, he is already taking a 15% haircut on the contractual money owed to him (85% payout).

Unless there is a non-compete for the duration of his contract, there is no reason for him to give up anything else.

If anything, you play wait-and-see. Maybe take a TV deal or a coordinator job. If he gets the urge to be a head coach again someday, then you can offer the SemenHoles a discount at that point.

And you know F$U would have to make a deal in 4 years or 5 years or whenever. They will be broke, they'll still be in the ACC, or else (at best) they will be on a half-share or quarter-share with a better conference.

Stay strong, Prison Mike! Make those ******** pay!
 
passitback said:
Classic name... Tough to top, but to your point, this week they are the One and Eightenoles
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NCCanefan said:
Or extend him now for clear continuity
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He's also missing the fact that F$U would owe SOMETHING relatively soon.

First, even in a buyout where nearly everything is due (nearly) immediately, the school usually has 90 days to make payment.

Second, Prison Mike's contract is not paid "in arrears" (a year behind the performance), so he'd be owed his 2025 salary soon anyhow.

So even if a chunk of his payout was due in, say, March, Prison Mike would at least be due his 2025 salary by June at the latest. Probably earlier.

It's just stupid TJ Pittinger. He knows nothing about contracts.
 
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PennsylvaniaCane said:


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Imagine paying 18-20 million a year for a head Corch (Norvells buyout and a new Corch) over the next 7 years or whatever it is. I’m thinking they don’t have the money.
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They don’t, especially with the stadium renovations. If norvell goes under 0.500 next year they need to bite the bullet to do it.
 
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