Virginia Tech provided Justin Fuente’s contract details at this mornings press conference.
Salary and Buyout
Fuente signed a six-year contract with Virginia Tech, and he will earn a base salary of $500,000 a year. His total compensation, including supplemental pay, for each season is as follows…
If Fuente’s contract is terminated without cause by Virginia Tech, he will be owed a buyout, which is normal for head coach contracts. The number varies by year, and decreases by year.
Before December 15, 2016: $15,000,000
Before December 15, 2017: $12,000,000
Before December 15, 2018: $9,000,000
Before December 15, 2019: $5,000,000
Before December 15, 2020: $3,000,000
Before August 31, 2021: $1,500,000
On or after August 31, 2021: $500,000
If Fuente terminates the contract (I.E. if he leaves for another school) he will owe Virginia Tech the following amount…
Before December 15, 2016: $7,000,000
Before December 15, 2017: $6,000,000
Before December 15, 2018: $5,000,000
Before December 15, 2019: $3,000,000
Before December 15, 2020: $1,000,000
Bonuses and Fringe Benefits
As is always the case, Fuente will be paid bonuses in the event of success.
Team plays in the ACC Championship Game: $25,000
Team wins the ACC Championship Game: $50,000
Team wins the National Championship Game: $250,000
Team makes the College Football Playoff: $125,000
Team plays in an ACC-Defined Tier 1 Bowl: $75,000
Team plays in an ACC-Defined Tier 2 Bowl: $50,000
Fuente is ACC Coach of the Year: $25,000
AP, Maxwell, or ABC/ESPN National Coach of the Year: $50,000
If the team’s APR (Academic Progress Rate) is 965 or higher: $25,000
There are also fringe benefits built into the contract. They include…
A suite for home football games
Six tickets to home basketball games
The use of two new automobiles (replaced every two years), or an automobile allowance
A membership to the Blacksburg Country Club
Full benefits, including health, a retirement plan, life insurance, accidental death, etc.
Right to operate football camps
A $500,000 payment to buy out Fuente’s Memphis contract
Salaries for Assistants and Staff
Fuente’s assistants will receive $3,400,000 per year, total. Bud Foster is scheduled to make $925,000 in 2016, so that leaves $2,475,000 for the other eight assistants. Virginia Tech paid assistant coaches a total of $3,217,190 during the 2015 season.
Assistant coaches will receive 1.5 months of their base salary as a bonus if the Hokies make a Tier 1 bowl. They will receive one month salary if the Hokies make a Tier 2 bowl.
The University will provide a budget of $420,000 for four positions: Director of Operations, Strength and Conditioning Coach, Video Coordinator and Director of Recruiting.
Virginia Tech will pay for the housing of up to nine assistant coaches for three months as they transition to Blacksburg.