Pilchard
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Here are the terms of the tOSU/Matta buyout:
After being fired in June after 13 seasons with the university, Matta was determined to have earned $9,001,096.86 for the 2017 calendar year including a lump sum payout of $4,316,025.95 on Dec. 29. That lump sum will then impact his subsequent monthly payments, which are:
— $122,547.61 each month from January 1 through June 30, 2018
— $128,797.61 each month from July 1, 2018, through June 30, 2019
— $135,047.61 each month from July 1, 2019, through June 30, 2020
He will also receive medical benefits, which will cease should he land a new, comparable job. The agreement cites Section 5.2 of his contract, which covers termination by Ohio State other than for cause.
It also states that Matta “has an obligation to make reasonable and diligent efforts ... to obtain a comparable position,” citing examples such as becoming a media commentator with a national broadcast, a professional head or assistant coach or a head men’s basketball coach within the Big Ten, Southeastern, Atlantic Coast, Big East, Big 12, Pac 10, Atlantic 10, Conference USA or Mountain West conferences.
Assuming he lands such a job, Ohio State will not be obligated to continue its monthly payments and Matta would be required to repay a percentage of the money already paid.
Matta is a very rich man. Have been paid almost $9 million since 2017 (that's not counting the millions he made before that as Matta took the tOSU job in 2004.
With those terms, seems likely that Matta would hold out to the end of April to get his next $137K payment (or until May 30 to the get the next or June 30 to get the last).
Here is the link to the Columbus Dispatch article: https://www.dispatch.com/sports/20180202/holtmann-gets-27-million-per-year-2-million-bonus-matta-payout-is-9-million
After being fired in June after 13 seasons with the university, Matta was determined to have earned $9,001,096.86 for the 2017 calendar year including a lump sum payout of $4,316,025.95 on Dec. 29. That lump sum will then impact his subsequent monthly payments, which are:
— $122,547.61 each month from January 1 through June 30, 2018
— $128,797.61 each month from July 1, 2018, through June 30, 2019
— $135,047.61 each month from July 1, 2019, through June 30, 2020
He will also receive medical benefits, which will cease should he land a new, comparable job. The agreement cites Section 5.2 of his contract, which covers termination by Ohio State other than for cause.
It also states that Matta “has an obligation to make reasonable and diligent efforts ... to obtain a comparable position,” citing examples such as becoming a media commentator with a national broadcast, a professional head or assistant coach or a head men’s basketball coach within the Big Ten, Southeastern, Atlantic Coast, Big East, Big 12, Pac 10, Atlantic 10, Conference USA or Mountain West conferences.
Assuming he lands such a job, Ohio State will not be obligated to continue its monthly payments and Matta would be required to repay a percentage of the money already paid.
Matta is a very rich man. Have been paid almost $9 million since 2017 (that's not counting the millions he made before that as Matta took the tOSU job in 2004.
With those terms, seems likely that Matta would hold out to the end of April to get his next $137K payment (or until May 30 to the get the next or June 30 to get the last).
Here is the link to the Columbus Dispatch article: https://www.dispatch.com/sports/20180202/holtmann-gets-27-million-per-year-2-million-bonus-matta-payout-is-9-million
