It appears that Bert’s buyout is going to be ginormous because somebody didn’t pay attention to the contract draft.
Bielema’s original contract in 2012 with UA listed a chart with buyout amounts and included language that the figures in the chart should be plugged into a formula. The contract extension in 2015 laid out a new chart with higher figures but maintained that “all other text, terms and conditions … shall remain the same and shall not be modified in any way by this First Amendment.”
The formula says to take the amount listed as the guaranty payment identified in the chart and to divide that by the number of months in the term of employment. The formula then says to take that amount and multiply it by the number of months remaining on the contract.
Under that formula, the Democrat-Gazette took the $15.4 million and divided it by 97 — the span of Bielema’s employment from Dec. 4, 2012, through the end of his most recent contract, Dec. 31, 2020. The newspaper then took that figure and multiplied by 37 — a rough figure that included the month of December 2017 and the remaining three years of Bielema’s contract. It totaled $5.87 million.
Bielema’s deal with the foundation includes the same chart as his contract extension but does not refer to the formula included in the original contract. [Emphasis added.]
That’s almost a $10 million oversight.
I keep telling you these people aren’t that sharp. But they care about football!