Simple question: Did or will Bob Shoop pay PSU the $800k fee to buyout his contract? Thanks.
- Thread starter LealandLoyal
- Start date
It seemed strange that Auburn wasn't going to pay the buyout. I can't believe that Shoop would pay it... it would be more than half of his annual salary. Maybe someone at Penn State wanted to end the drama and told him that they would wave it.
I have not seen and it doesn't really matter the amount of the buyout. My best guess is there is a well-to-do Vols football booster with checkbook in hand.
OL
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Directly or indirectly, Shoop's buyout will be paid by Tennessee boosters--whatever the UT administration says. One of a number of reasons for Shoop's move was more money, and paying out almost $1M off the top doesn't fit that situation at all.
I wouldn't wave it. What's the point of having one if you are going to wave it? If there's any drama left, it's his, not ours.
That is the obvious answer, but why wouldn't the money be filtered through the U of Tenn?
Cruising Route 66
Well-Known Member
If the $800K is being paid immediately by a booster or UT, its taxable income to Shoop in which case UT can decide if it wants to give him additional money to cover the taxes he will owe. Alternatively, UT can loan him the money to pay the buyout and then every year he coaches, forgive a portion of the loan. Even in this case the annual forgiveness would be taxable income to Shoop but likely with less onerous tax consequences.
I think it will take a $300-350k "gross up" by UT to make Shoop whole. That assumes 0% state tax in Tenn. it will be interesting to see this unfold. the no brainer is that this buyout is owed to PSU, and it is not in question.
If he wants to be a HC, he better come up with some dough by paying it himself or through boosters/uTenn. It would be a bad 'stain' on his resume if he doesnt pay it.
On the otherhand, i could see a scenerio where CJF and Sandy told him to go find a new job and they would forgive some/all of the buyout. (Assuming CJF wanted him out).
On the otherhand, i could see a scenerio where CJF and Sandy told him to go find a new job and they would forgive some/all of the buyout. (Assuming CJF wanted him out).
He said that was between him and Penn State. I think he is hoping for terms: to spread the payments out over several years. He said that at a press conference.
if ps gives him any break at all, the entire adm hierarchy should be shot.
