Jimbo new contract

http://www.tallahassee.com/story/sports/college/fsu/football/2016/12/19/fsus-jimbo-fisher-receives-contract-extension/95624884/


Loyalty and success are proving to be a winning combination for Jimbo Fisher.
The Florida State football coach, whose name was linked to job openings at LSU and Texas last month, has received a two-year contract extension, the Tallahassee Democrat has learned.
Fisher, who signed an eight-year contract in December 2014, will see his annual salary increased from $5.25 million to $5.5 million beginning in 2017. His new contract will run through the 2024-25 season.
The contract also features a rollover provision that “would provide for no more than two (2) potential automatic one-year contract extensions in the event the football team wins nine (9) or more regular season games during a contract year; the first such additional contract year would include a total annual compensation amount equal to $5,650,000; the second such additional contract year would include a total annual compensation amount equal to $5,750,000."
Fisher was ranked fifth nationally among the sport’s highest paid coaches behind Michigan’s Jim Harbaugh ($9.04 million), Alabama’s Nick Saban ($6.9). Ohio State’s Urban Meyer ($6) and Oklahoma’s Bob Stoops ($5.5), according to USA Today’s college coaches’ salaries database.
It also marks the fourth consecutive year FSU has increased Fisher’s compensation. Details of the contract will be released later Monday.
Fisher has led FSU to a 9-3 regular-season record, capped by a dominating 31-13 home victory over rival Florida.
The Seminoles will play Michigan in the Orange Bowl Dec. 30 in a coveted New Year’s Six game.
Fisher, 51, is 77-17 in seven seasons at FSU.
Fisher was hired as the Seminoles’ offensive coordinator in 2007 and was on coach Bobby Bowden's staff for three seasons. He took over in 2010.
Here are the key points, according to a document from Florida State Athletics outlining the contract extension highlights.

• 2 yr Contract Extension: Added two (2) new years (2023, 2024) to Coach Fisher’s current employment agreement modifying the Contract Term to commence January 1, 2017 and terminate January 5, 2024, or upon the conclusion of the 2024-25 Football Season, whichever is later.

• Compensation – Fixed Total Guaranteed Comp in lieu of annual increase: The total annual compensation amount, beginning with the 2017 contract year, will be $5,550,000.00  Jimbo’s compensation has been restructured from increasing annually to a fixed amount each year. 

New Guaranteed Compensation: $5,550,000.00 per year for 8 years
Compensation in Existing Contract
2017: $5,200,000
2018: $5,300,000
2019: $5,400,000
2020: $5,500,000
2021: $5,600,000
2022: $5,700,000
Compensation 2 Extension Years                        2023: $5,800,000
2024: $5,900,000
Total Guaranteed Comp for 8yr Contract:        $44,400,000
$44,400,000 (Guaranteed Comp) ÷ 8 Contract Years =$5,550,000 Per Contract Year

• Rollover Provision:

A rollover provision has been added that would provide for no more than two (2) potential automatic one-year contract extensions in the event the football team wins nine (9) or more regular season games during a Contract Year; the first such additional contract year would include a total annual compensation amount equal to $5,650,000; the second such additional contract year would include a total annual compensation amount equal to $5,750,000

• Coach Fisher’s Buyout Provision:

In the event Coach Fisher voluntarily terminates his contract prior to conclusion of the Total Term of the Agreement, Coach Fisher would be responsible for paying, as liquidated damages, a sum equal to the aggregate total compensation remaining to be paid to the Assistant Football Coaches (including the Director of Football Ops/Assistant AD for Football and Head Football Strength and Conditioning Coach) pursuant to their Employment Agreements from the date Coach Fisher terminates his Employment Agreement until the expiration of each of the Assistant Football Coaches’ Employment Contracts.  The same provision shall apply to any extensions received pursuant to the Agreement.
Jimbo Fisher Salary
At Florida State
Salary & Max Bonus
2016: $5,250,000...$1,475,000
2015: $5,150,000....$1,475,000
2014: $3,591,667....$1,275,000
2013: $2,750,000....$675,000
2012: $2,750,000...$675,000
2011: $2,750,000....$725,000
2010: $1,800,000...$675,000
2009: $215,000 (assistant)...$26,875
-- Source: USA Today database