Not all long-term contracts are created equal. Every deal is negotiated a little differently, and each has different stipulations to dive into.
Here are some of the details obtained by Jacob Unruh of the Oklahoman regarding OSU men’s basketball coach Mike Boynton’s seven-year extension.
Beginning in July, Boynton’s bank account will be bolstered. He will get $2.1 million on the first of July — an annual amount which will continue through the 2027-28 season.
Additionally, Boynton’s $100 thousand stay benefit is bumped up to $500 thousand dollars per year under the new deal.
If fired in his first three seasons, Boynton’s buyout will be 75% of his contract. The percentage is slightly reduced if his contract is terminated in his fourth or final three years.
There are monetary repercussions for Boynton if he leaves OSU without permission during the span of his contract. If he leaves in the first three seasons, Boynton will owe 75% of his contract to the university. The sum is reduced to 44.44% in year four and 25% in his fifth year.
Like OSU football coach Mike Gundy, Boynton’s new deal features a “force majeure” clause. That stipulates the AD has discretion to alter the contract in extraordinary instances like natural disasters, pandemics and acts of God.