Georgia released the full details on Kirby Smart’s new contract Thursday, which further showed the commitment being made to the head coach after winning the national championship.
The length and salary terms already said a lot: Georgia is set to pay Smart $112.5 million over the next 10 years. There are also, the contract details show, performance bonuses worth up to $1.3 million each year.
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But the buyout terms are also heavily in the coach’s favor: If Georgia were somehow to fire Smart without cause prior to the end of 2026, Smart would receive 100 percent of what he’s still owed the rest of the contract. If it is after that date, Smart would be owed 85 percent of the remaining salary.
Smart would owe the school much less if he leaves on his own: $5 million if he terminates the contract before the end of 2024, $4 million if it’s before the end of 2027, $3 million if it’s in 2028, $2 million if it’s in 2029 and $1 million if it’s before the end of 2031.
The performance bonuses are related to how Georgia fares each season.
Smart’s salary is broken into three categories: Base salary, media compensation and equipment compensation. The base salary is $600,000 each year while the media compensation in 2022 starts at $6.25 million and then gradually increases, while the equipment compensation starts at $3.4 million a year and gradually increases.
(Top photo: Dale Zanine / USA Today)
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