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Monday, May 18, 2009

Chizik to earn $1.9 million a year; contract still not signed

Gene Chizik has still not formally signed a contract five months after being hired by Auburn, but the football coach will earn $1.9 million a season according to documents released by the university Monday.

Chizik agreed to a five-year deal, according to a letter of agreement released by Auburn.

The $1.9 million annual figure consists of base salary, endorsements, radio, television and Internet rights and fund-raising and personal appearances. He’ll also be eligible for unspecified academic and performance bonuses.

The letter is signed Dec. 13, 2008, by Chizik, athletic director Jay Jacobs and university president Dr. Jay Gogue.

The letter of agreement is common in coaching hires while the involved parties and their legal representatives finalize the official contract. Chizik’s letter of understanding was only two pages long, providing an outline for a more comprehensive contract.

It did specify Chizik’s responsibility to assemble a coaching staff. The group he put together in the offseason will make $2.5 million this season. Open records requests for the assistant coaches’ contracts are pending.

The letter also specified that if Chizik is terminated without cause, he will be owed his base salary for the remainder of the contract. If he terminates the contract, he will owe an amount equal to the base salary for the remaining term.

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