Interesting board of trustees meeting today.
Besides the expected moves – the approval of contracts for football assistants Ellis Johnson and Shawn Elliott – there was some lively discussion concerning the debt USC is taking on as it moves forward with athletics director Eric Hyman’s master facilities plan.
First, the contracts:
–Johnson, the assistant head coach for defense, received the two-year extension and raise that had been widely reported. Johnson’s new 4-year deal is worth $700,000 a year, twice what he made previously.
ISP Sports, USC’s media rights-holder, is picking up the tab for the extra $350,000.
USC athletics director Eric Hyman said it was a “counter-offer” after another SEC school offered Johnson its defensive coordinator’s post. A source close to the football program said new Tennessee coach Derek Dooley offered Johnson a 3-year deal worth $800,000 annually to run the Vols’ defense.
Johnson’s buyout terms also changed. In the event he is fired without cause (i.e., Steve Spurrier leaves in the next two or three years), USC is required to offer Johnson a position in the athletics department at the same $700,000 compensation package.
If Johnson turns that down, USC would owe him only $350,000 per year for the remainder of his contract. If Johnson leaves, he would owe USC $700,000 per year, unless he takes a head-coaching position.
–Elliott received a 2-year deal. The former Appalachian State assistant receives $150,000 the first year; $165,000 the second.
His buyout is more standard for assistants: The school would owe him his salary for each year left; he would owe USC $25,000 per year.
As for the debt discussion, the executive committee approved $71 million in athletic revenue bonds for the next phase of facilities construction – the re-fitting of the Farmers Market (which USC takes ownership of this summer), and the new tennis facility, coaches/administrative building, parking garage and infrastructure at the Athletics Village Formerly Known as The Roost.
Longtime trustee Eddie Floyd cast the lone dissenting vote. Floyd said he was concerned about the escalating debt and also questioned whether all the projects would help recruiting – a central theme in Hyman’s facilities’ pitch.
Hyman pointed to USC’s increased revenue stream through the SEC’s new TV deals. USC expects to receive $17 million from the SEC this year.
The new bonds will take USC’s athletic debt to $136.7 million – under the school’s $200 million ceiling but pushing the limits of Hyman’s “comfort level.”
In other matters, Hyman said:
–Dodie Anderson, who gave between $5 million and $6 million for the new academic center that bears her name, has pledged an additional $1 million for new locker rooms – men’s and women’s – at Colonial Life Arena.
Hyman said Anderson wanted to do something for Darrin Horn’s and Dawn Staley’s programs.
–An outside PR agency determined that USC’s win over No. 1 Kentucky last month generated $588,447 in publicity for the Gamecocks. USC did not pay for the study.
–The fall GPA for the athletic department was 3.126.
USC released more details on fall grades Thursday afternoon. Thirteen of 17 teams eclipsed the 3.0 mark, while football (2.695), men’s soccer (3.484) and men’s track (3.205) achieved their highest GPAs on record.
–All of the Gamecocks’ head coaches are now members of the Gamecock Club.
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