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Manning Buyout Negotiations Have Begun

 
DCDeac said:
Wake should just disband the basketball program completely in response to a global pandemic, all contracts null and void, all players released from LOI's and commitments. Then when things get back to normal, re-institute the program and announce our first post-apocalypse coach. Let whoever wants to re-commit. Minus all legacy coaching staff, of course.
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Had to log back in just to spread some rep for making me chuckle out loud. Perfect strategy! Come on Currie, seize the day!! Save lives in the process, and our BB program.
 
wfumike02 said:
If his yearly salary is $3M/year and it's fully guaranteed he gets $3M/year until the end of the contract.
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But how is the $3MM per year calculated? It's surely not a day by day basis or monthly. In the NFL, a contract typically ends on a date certain going into the following contract year. Coaches are always fired around this time of year, so presumably the contract year end date is somewhere around now.

But hey, Racer knows how guaranteed contracts work, so I'm sure he can answer all the of the questions regarding the buyout.
 
MichDeac25 said:
Then what's the guarantee, Racer.
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Well, based on what has been reported, it was a 6 year/$18M guaranteed contract. How that's paid out, we don't know (i.e. $3M/year or less to start with a ramped amount). So, the guarantee is that he'll be paid the full $18 million. Since that contract has started and been place for a year or so, it's $18M minus whatever he has already been paid and that number goes down each time he receives a paycheck. Most have surmised that the amount owed is around $15M because they assume he was paid ~$3M over the past year since the extension began. This isn't complicated.
 
Ball State Deac said:
People seem to be struggling a bit with the buyout v. guaranteed contract thing. NFL players want guaranteed money because it is guaranteed to be paid, regardless as to whether they can play or not (assuming they don't quit).

A buyout is some amount that the coach is owed to buyout the remaining years of his contract. Manning could have a lifetime contract so far as his buyout was $20 and a pair of shoes.
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except, I believe, the report is that the buyout for Wake is the full remaining value of his contract

still haven't heard that from an infallible source, though I haven't been keeping up the last few days
 
deacondamo said:
But hey, Racer knows how guaranteed contracts work, so I'm sure he can answer all the of the questions regarding the buyout.
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Hey, I got ya covered. There's no buyout in a guaranteed contract.
 
nvadeac said:
I believe it's been established that Manning is owned teh entire $15 million regardless of what year he is fired or leaves. IOW, his buyout does not decrease with each year he serves as coach. Someone please correct me if I am wrong (I know that is very dangerous to say so I'm hiding under my desk awaiting the incoming).
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That has to be wrong. Even Wellman could not make a contract that bad.
 
Contract probably runs yearly from 4/1 to 3/31 of the following year. See Alford's contract. Or was it May 1 that they used as the start of the "new year?" We are probably trying to negotiate a settlement that wouldn't have to pay Danny all he is due through the end of this contract year plus come up with a lump sum option that would be at a lesser amount (time value of money calcs are probably quite tricky right now considering the state of the markets) so we don't have to keep cutting him checks for the next 5 years.

Doesn't sound like we have much leverage but if negotiations have been ongoing for several days now, makes you wonder if we have more loopholes to exploit than otherwise thought to this point.
 
nvadeac said:
I believe it's been established that Manning is owned teh entire $15 million regardless of what year he is fired or leaves. IOW, his buyout does not decrease with each year he serves as coach. Someone please correct me if I am wrong (I know that is very dangerous to say so I'm hiding under my desk awaiting the incoming).
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That amount has not been established as being accurate.
 
RJKarl said:
If the Athletic Department declared bankruptcy, they might be able to void contract they choose to.
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And you act like it's such a horrible decision when a real estate developer from Queens does this legitmately.
 
man, if we retain Manning, and we get to have these discussions for another 365 days...what a time to be alive
 
No announcement this week. Perfect storm of events with COVID-19.

However, I'll go ahead and tell you that it's still a financial issue. It was at the end of last season, and it still is now.
 
ChrisTheDeacm89 said:
No announcement this week. Perfect storm of events with COVID-19.

However, I'll go ahead and tell you that it's still a financial issue. It was at the end of last season, and it still is now.
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Well, let's hope that WF big donors hoarded Purell and Clorox over the last month, and will have money to burn.
 
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