If Lovie Smith were to leave before his six-year, $21 million contract expires, Illinois’ new football coach would owe the university between $4.5 million and $6.5 million.
Smith’s complete, 41-page contract, revised and signed off on by UI trustees Thursday morning, was released later that night to The News-Gazette in response to an open records request.
Among the terms not known before Thursday:
— Should Smith accept “a competing position” elsewhere, he’d owe millions “as compensation for University’s lost goodwill and competitive advantage.”
The buyout figure starts at $6.5 million — if he left between March 7, 2016 and Jan. 31, 2017 — then decreases by $500,000 in each ensuing year of his contract.
“Such payment shall be made in a single lump sum” due before his first day on the new job, the contract goes on to note.
— If Smith’s employment were to be terminated “without cause” before the end of his contract, he’d be due between $2 million and $19 million, plus the prorated amount of that year’s salary, from the UI.
The university’s buyout starts at $19 million (plus the prorated payment) if he were let go between March 7, 2016 and Jan. 31, 2017.
It drops to $16 million in Year 2 of the contract, $12 million in Year 3, $4 million in Year 4 and $2 million in Year 5.
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