There seems to be a lot of misconception about Les’ buyout from LSU, so I’ll attempt to clarify how it works.

Les’ contract runs through December 2019 (3 years, 3 months from now). By contract, if he is terminated, his buyout is paid out monthly over a period of time double the remaining term…thus, he’ll be paid out over 6 years, 6 months.

His stated buyout is $12.9 million; but by contract you reduce from that any amounts paid to him in this calendar year.

Les makes $4.3 million per year plus bonuses. Depending on what has already been paid in calendar 2016, that is what sets his buyout.

For illustrative purposes, let’s assume 9/12s have been paid, thus approximately $3.2 million.

So, his stated buyout was $12.9 million, less the $3.2 paid in 2016. Hence, Les will be paid approximately $9.7 million over the next 6 years, 6 months.

Assuming Les does not accept further work, he would receive approximately $125,000 / month for the next 6 years, 6 months.

To the extent he accepts any other job, the amount LSU owes would be reduced dollar for dollar.

More on LSU’s path forward here.

 

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Our President since 2008, Scott oversees daily operations. An outstanding high school athlete (he wrote that), he chose to go pro in something other than playing football (i.e. he couldn't break a 5.0 40 yard dash). Prior to purchasing FootballScoop, Scott served as a vice president of The Shaw Group, a Fortune 500 company, for eight years.