For an especially lucrative occupation, one might consider becoming a fired college football coach.
The latest symbol of the college football arms race is not the coaches’ salaries themselves but rather the money that university officials are spending to buy out those huge contracts when a coach falters.
After Tennessee fired its coach last week, the university’s chancellor said the athletic department would forgo $18 million in contributions it was to make to the university over the next three years for academic scholarships and fellowship programs. Instead, some of the money will be used to pay the severance packages of the coach, Derek Dooley, who is owed $5 million, and his staff, which is owed a reported $4 million if it is not retained. Dooley had four years remaining on his contract.
On Sunday, Auburn fired its coach, Gene Chizik, two seasons after the Tigers went unbeaten and won the national championship. Auburn said it owed $11 million in buyouts to its coaching staff, including $7.5 million to Chizik, who had three years left on his contract. He is to be paid $208,334 a month for the next 36 months. The money could have been used to fund other sports.