After obtaining a copy of Tubby Smith’s contract at Minnesota, we’ve discovered Smith in fact has no buyout in his current deal with the Gophers. During an interview earlier today a reporter out of Minnesota informed us Smith would owe the school two million dollars if he leaves before May 1st, with the figure dropping to 1.5 million after that date. A look at the contract reveals that is actually what the university would owe Smith, not the other way around. See below.
3.2. University’s Right to Terminate .Without Just Cause.
The univerity may terminate this Agreement at any time without just cause upon ninety (90) days’ wrtten notice to Coach. In such event, the University shall pay Coach a termination fee, subject to withholding or applicable federal and state income taxes, federal social security taxes, and all otheraipplicable taxes and deductions, in accordance with the schedule below.
b. If the effective date of termination is on or between May 1, 2011 and April 30, 2012, the University wîl pay Coach Two Million and nollOO Dollars ($2,000,000).
c. If the effective date of termination is on or between May 1, 2012 and April 30, 2013, the University will pay Coach One Millon Five Hundred Thousand and noll 00 Dollars ($1,500,000).
The contract also reveals that should Smith leave on his own, he would owe Minnesota nothing. That means USC, or any school for that matter, could hire Smith without the burden of a buyout.
3.6. Coach’s Right to Terminate Without Just Cause. In the event Coach terminates this Agreement during the,Term of Employment without just cause, Coach shall paythe University a termination fee in atcordance with the following schedule:
d. If Coach leaves the University on or after May 1, 2010, Coach owes the university no terminatìon fee.