Some details are trickling in for the contract extension Chip Kelly signed on Tuesday with Oregon to remain the head coach there through 2015.
Chip Kelly’s New Contract Worth $20.6 Million
The total value of the six-year agreement is $20.5 million.
The first year of his new pact will guarantee the Manchester, N.H., native a minimum of $2.4 million in addition to the customary incentives tied to conference and national championship finishes, national rankings and his teams’ academic success. Following the 2011 campaign, his incentives would gradually diminish while a greater share of his annual compensation would be guaranteed. In his final two years of the contract, his only remaining on-the-field incentives would be tied to an appearance in the BCS national championship game and winning 12 or more regular season games. His remaining incentives would be contingent upon his teams reaching academic benchmarks.
George Schroeder also reports that Kelly’s new contract has a $4M buyout, though it comes with a caveat.
Chip Kelly’s new contract has $4 mil buyout. Before he had $1 mil buyout & allowed leave w/o penalty if won 20 games in any 2-season span
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