Amended Miles contract to be presented to board
BATON ROUGE - LSU head football coach Les Miles's contract could be amended soon, pending on approval by the LSU Board of Supervisors on Friday.
If the board approves, the amendment would not change his basic annual pay of $3.751 million, but would increase monetary incentives for meeting certain post-season and academic achievements.
It would also increase the maximum amount LSU would owe if the coach were fired without cause. The grounds for termination with cause remain unchanged.
From a press release from Herb Vincent:
"Should the coach be terminated without cause during the term of the contract, liquidated damages amounts, which are established by the contract in advance, would be reduced by the amount of compensation previously paid during the year of termination, and further reduced by any compensation the coach receives in subsequent employment. Miles would remain under a continuing good-faith obligation to seek similar or related employment for which LSU would receive credit against the stated liquidated damages if there were a termination without cause."
"We are pleased to finalize and recommend this amendment to the contact for Les Miles and present it to the Board of Supervisors for their approval," said LSU Vice Chancellor and Director of Athletics Joe Alleva. "It is important to maintain long-term stability in a program and the goal at the outset of this process was to establish Coach Miles as the leader of our football program for that long-term stability."
The provision of his existing contract is continued that should LSU win the BCS Championship title game during the term of the agreement, Miles' total compensation would be adjusted to be $1,000 more than the highest paid football coach in the SEC.
All spending will be paid for by money made from LSU football, which includes the Athletic Department or the Tiger Athletic Foundation.
The amended contract would be effective January 1, 2011, and end on December 31, 2017.