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Frank Beamer's new contract

200 wins at one university should earn you something more than a gold watch.

In Frank Beamer's case, it has. Actually, he's going for win 200 this Saturday; but we understand that the university administration was willing to take the leap of faith that he'd get there.

OK, so the details...

Under his existing deal, Beamer was set to earn just north of $2 million this season. His new agreement runs through December 31, 2016 and is truly an extension of his current agreement. Beginning January 1, 2013 Beamer will earn $2.3 million and will see that number grow by 5% (approximately $100,000) each year thereafter. The pool of available bonuses for postseason achievement did not change appreciably.

Beginning in 2013, either Virginia Tech or Beamer can end the contract with a simple ten day notice. Upon the end of the contract, Beamer would then become a "special assistant" to the athletic director and would earn $250,000 annually for eight years in this role.

Beamer is currently 64 and will be 70 when this agreement expires. Pretty good "retirement money" should he choose to do so. 

Athletic director Jim Weaver said, "We wanted to do something that's right for the university, right for Frank and a way to say thank you for a terrific career."

Of the $2 million figure Beamer is set to earn this year, $285,000 is his base salary and the remainder is structured as a yearly "retention incentive".