As most people know, the University of Illinois has never been a College Football powerhouse. It’s not an uncommon sight to see them at the bottom of their conference standings. The Big Ten is littered with schools that pride themselves on their football team’s success. Illinois doesn’t fit into this description, but they did try to reduce the gap by hiring Lovie Smith in 2016.
Smith had been a successful NFL head coach with the Chicago Bears, even going to a Superbowl. He brought instant credibility and fanfare to the struggling program. But Smith’s success didn’t translate over to College Football as he struggled with certain aspects, such as recruiting. He managed to record an underwhelming 17-39 record over five seasons. These results weren’t what Illinois was looking for when giving him a contract back in 2016.
It didn’t shock anyone when the university decided to fire Smith last week. He still had a year on his initial deal, but the team wasn’t showing any signs of improvement. Illinois was more than willing to activate his buyout clause and look for their next coach. But it does bring up an interesting question of what they will have to buy Smith after his firing.
However, let’s take at his contract details to see what was left on the table before jumping into the buyout details. It’ll help provide a better idea of where the numbers come from, making this entire process easier to understand.
Lovie Smith’s Contract Details
Lovie Smith’s contract was a 6-year deal with his compensation split into base salary and additional compensation. Both these figures underwent increases after the first two seasons before flattening out to $1,000,000 and $3,000,000 respectively.
These two salaries put together made up his total guaranteed compensation each year. Smith did have other opportunities to increase his income through performance incentives. But Illinois was contractually obligated to pay these two figures as long as he remained their head coach.
Total Guaranteed Compensation
Base Salary:
- 2016-2017: $407,692
- 2017-2018: $800,000
- 2018-2019: $1,000,000
- 2019-2020: $1,000,000
- 2020-2021: $1,000,000
- 2021-2022: $1,000,000
Additional Compensation:
- 2016-2017: $1,400,000
- 2017-2018: $2,200,000
- 2018-2019: $3,000,000
- 2019-2020: $3,000,000
- 2020-2021: $3,000,000
- 2021-2022: $3,000,000
Total Compensation:
- 2016-2017: $1,807,692
- 2017-2018: $3,000,000
- 2018-2019: $4,000,000
- 2019-2020: $4,000,000
- 2020-2021: $4,000,000
- 2021-2022: $4,000,000
Smith’s total compensation for the 2020-2021 season hadn’t been fully paid when he was fired. Illinois split his payments into 12 monthly installments, which means he one left for this season. This check would have come in at $333,333 to give him some extra Christmas money.
However, it got thrown in limbo and added to the $4,000,000 of dead money he would’ve earned in 2021-2022. This action brings his leftover contract money to $4,333,333. It’d seem like a reasonable expectation to think Smith would get all this money eventually. But there’s particular contract language that states he’s only entitled to a portion.
How Much will Smith’s Buyout Cost?
If he’s fired in year 5, Smith’s buyout clause states he’s prorated the rest of his yearly salary ($333,333), plus given another $2,000,000. Illinois ends up only having to pay $2,333,333 instead of the $4,333,333 left on his deal. This figure might seem like a lot of money, but it’s basically nothing compared to other buyouts in College Football.
It’s worth mentioning that Illinois will have to pay the entire lump sum within 60 days of Smith’s termination based on his contract’s stipulations. This situation is slightly different from most buyouts as these agreements are usually paid out over several seasons.
In any case, neither Smith nor Illinois were happy with how this relationship ended. But Illinois has already moved on and hired former Wisconsin and Arkansas coach Bret Bielema. Let’s hope he can bring the Fighting Illini into College Football relevance.