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Manning Buyout Negotiations Have Begun

The worst case scenario, as I've seen posited, is that we're on the hook for the entire contract (assumed to be $18mil over 6 years). He'll have 5 years of that left after this season, which is where the $15mil figure comes from.

I don't believe the buyout is that high... By definition, you would have to assume that the buyout is some number less than the full contracted amount.

The "negotiations" would likely be about when the payments are made and how much they are for... A lump sum of a lower total figure or a series of payments over the next few years.

I have to believe Manning would go back to Kansas to work on Self's staff... He sure as shit isn't getting another head coaching job in the near-term. And honestly, if I were him, I'd milk Wake Forest for every penny owed. It's Wellman that screwed us here... Never forget.

BUT NONE OF THAT MATTERS... We'll never know the exact number, nor the terms of the buyout. What we will know is that Manning has been let go and we're searching for a new coach. That's the announcement I'm waiting for. I don't expect to get it until the season is over. The "leak" of negotiations is just a nice hors d'oeuvre to hold me over until then.
 
Frosty said:
This is a good point. I just googled what the assistants at Kansas make and they have two guys on the bench making $325k/year. Coincidentally, they're the two highest paid assistants in college. I think it's safe to say that if Danny went back to Kansas as an assistant, which is probably the best case for him because I don't know who the fuck would want this guy running their program, he'd probably max out at a couple hundred grand a year, not putting the biggest dent in the buyout.
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Still could be a million or so over 5 years.
 
DeacsATS said:
The worst case scenario, as I've seen posited, is that we're on the hook for the entire contract (assumed to be $18mil over 6 years). He'll have 5 years of that left after this season, which is where the $15mil figure comes from.

I don't believe the buyout is that high... By definition, you would have to assume that the buyout is some number less than the full contracted amount.

The "negotiations" would likely be about when the payments are made and how much they are for... A lump sum of a lower total figure or a series of payments over the next few years.

I have to believe Manning would go back to Kansas to work on Self's staff... He sure as shit isn't getting another head coaching job in the near-term. And honestly, if I were him, I'd milk Wake Forest for every penny owed. It's Wellman that screwed us here... Never forget.

BUT NONE OF THAT MATTERS... We'll never know the exact number, nor the terms of the buyout. What we will know is that Manning has been let go and we're searching for a new coach. That's the announcement I'm waiting for. I don't expect to get it until the season is over. The "leak" of negotiations is just a nice hors d'oeuvre to hold me over until then.
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I'm just hoping that nobody sneezed on that hors d'oeuvre platter back in the kitchen
 
Frosty said:
I would guess this is part of the negotiation. Let's say we do owe him $15 million dollars are whatever. We can offer something like $2.5 million/year honoring the initial terms of the contract (disclaimer: I don't know what the numbers are), but those payments stop when you take a new job. A lump sum payment would probably be a reduced amount that he can take now to fuck off and the benefit is that it frees him up to take a new job now. Everything makes it sound like the contract is really bad for Wake though, so who knows.
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This is exactly why, in spite of calls on this board and elsewhere for a mid-season firing or at minimum a "stern email statement the AD to the fan base that this is not acceptable", Currie has played the hand dealt him about as well as you could ask for. If you have followed Currie's words and official statements over the last year (or just as important, his lack of comment), he's been quick to praise our players and fans, but has almost completely avoided mentioning the fact that we have a head coach, much less one named Danny Manning. And he gives Manning a little dignity, and avoids taking away from the seniors' final home game and a recognition of the '95 championship team, by not allowing any leak of contract negotiations until after the last home game. If he was a Debbie Yow-type, he would have either fired Manning mid-season or kept him while stating publicly that "I'm in charge here and this will not stand going forward", then told the press and fan base what a bad-ass he is for taking charge. But as NCSU found out, all that does is put the current coach (and his agent/attorneys) on the defensive, which makes both a decent settlement and the hiring of a new coach problematic. Of course none of this matters unless/until Currie gets the right guy, but for how he's handled it to-date I see nothing but a guy who is in charge and knows what he's doing.
 
DownEastDeac said:
This is exactly why, in spite of calls on this board and elsewhere for a mid-season firing or at minimum a "stern email statement the AD to the fan base that this is not acceptable", Currie has played the hand dealt him about as well as you could ask for. If you have followed Currie's words and official statements over the last year (or just as important, his lack of comment), he's been quick to praise our players and fans, but has almost completely avoided mentioning the fact that we have a head coach, much less one named Danny Manning. And he gives Manning a little dignity, and avoids taking away from the seniors' final home game and a recognition of the '95 championship team, by not allowing any leak of contract negotiations until after the last home game. If he was a Debbie Yow-type, he would have either fired Manning mid-season or kept him while stating publicly that "I'm in charge here and this will not stand going forward", then told the press and fan base what a bad-ass he is for taking charge. But as NCSU found out, all that does is put the current coach (and his agent/attorneys) on the defensive, which makes both a decent settlement and the hiring of a new coach problematic. Of course none of this matters unless/until Currie gets the right guy, but for how he's handled it to-date I see nothing but a guy who is in charge and knows what he's doing.
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The senior game and recognition of the 95 team that nobody attended or cared about because his failure to address the elephant in the room with the fans/alumni has resulted in losing 90+% of them? There was absolutely no reason for Currie to act with dignity towards Manning and without dignity towards the alumni/fans, which is what he has done by ignoring the issue. Manning's obvious refusal to resign in shame, and his apparent continued belief that he some how deserves this buyout given his abhorrent track record after Wellman left eliminated any need to treat Manning with dignity. Fuck that guy. The fact that Currie is now, hopefully, finally getting rid of Manning doesn't whitewash the fact that he has fucked this up, down, left, and right to this point.
 
The more I think about it, the more it makes sense that this leak probably came from Manning's side because now that it's out in public from a reputable source, Currie HAS to get it done. It would be a pretty good move by Manning's agent to leak this to get that big buyout money.
 
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BeachBumDeac said:
The more I think about it, the more it makes sense that this leak probably came from Manning's side because now that it's out in public from a reputable source, Currie HAS to get it done. It would be a pretty good move by Manning's agent to leak this to get that big buyout money.
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Of course. Manning and his agent are playing Currie like a fiddle, the same way they did Ron to get the contract in the first place. Personally I don't care because it isn't my money and will never be again, but Currie has shown nothing to indicate that he has any idea what he is doing or how to take control of the situation.
 
It would be so Wake Forest if we cant negotiate a buyout and Mannings back next year, i have a sick feeling in my stomach thats how its gonna play out.
 
BeachBumDeac said:
The more I think about it, the more it makes sense that this leak probably came from Manning's side because now that it's out in public from a reputable source, Currie HAS to get it done. It would be a pretty good move by Manning's agent to leak this to get that buyout money.
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I guess, especially given he leaked the initial interest when we were negotiating Manning's initial contract - but there is no leverage anyway

Let's say WF owes him $3 million per year over the next 5 years. It seems like in that case we are negotiating perhaps a discounted lump sum based on:
1. time value of money (but interest rates are really low and the markets are very uncertain right now)
2. Removal of other salary offsets (as has been pointed out, those don't amount to a whole lot)
3. possibility of death (hey, we had a 56-year-old coach drop dead and that's why we are in this situation; OTOH the odds of a 53-year-old living 5 years are pretty close to 1)
4. possible changes in tax law if a D becomes President

#'s 1 and 3 are maybe worth 10% of the total face value (really, they are not a concession but the "fair" way to eliminate risk and get it done now). #2 is maybe worth another million if we think Manning immediately lands on his feet with a $175/year assistant gig. #4 is really the selling point, I guess, for making something happen with a lump sum and paying less.
 
BeachBumDeac said:
The more I think about it, the more it makes sense that this leak probably came from Manning's side because now that it's out in public from a reputable source, Currie HAS to get it done. It would be a pretty good move by Manning's agent to leak this to get that big buyout money.
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This is what I suspect too. The pressure now is completely on the AD and Currie knows the fans (what little are left) will revolt if he can't seal the deal after this leak. After last year, Manning was probably like " fuck they might actually keep me around another couple years. Better to get that lump sum, do nothing, and milk WF. "
 
RJKarl said:
If it's the first four being an 11 seed, I'd consider it being in.
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We were playing for the right to be an 11 seed. It was a play-in game and that means we were NOT in the actual tourney.
 
DeacsATS said:
BUT NONE OF THAT MATTERS... We'll never know the exact number, nor the terms of the buyout. What we will know is that Manning has been let go and we're searching for a new coach. That's the announcement I'm waiting for. I don't expect to get it until the season is over. The "leak" of negotiations is just a nice hors d'oeuvre to hold me over until then.
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I think we will eventually know the number, but it won't come out for years and may require piecing together several 990 tax forms.
 
2&2 Slider To Leyritz said:
Of course. Manning and his agent are playing Currie like a fiddle, the same way they did Ron to get the contract in the first place. Personally I don't care because it isn't my money and will never be again, but Currie has shown nothing to indicate that he has any idea what he is doing or how to take control of the situation.
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This is as crazy as thinking the Hornets have a solid core.

If you are trying to maximize your return, you wouldn't piss off the people you are trying to get that from in public.

If it was an intentional leak, it makes much more sense to have come from Currie's team. It lets management of top coaches know what's going and puts Danny into a corner.
 
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