This morning Coach Cal received the details on his much anticipated raise from Mitch Barnhart and UK Athletics. According to the new deal Coach will be around until 2018 with an eight-year contract worth a total of $36.5 (or close to $120,000 per game) million. Sprinkle in the performance-based incentives along the way and Cal could increase that number.
And you thought they weren’t friends, here’s Mitch Barnhart on Cal’s extension:
“What John Calipari has done on and off the court in the past two years to reunite and rejuvenate this fan base has been magical… He understands the responsibility that goes along with this position and there is no other coach out there that is a better fit for the best basketball program in the country. Cal and I are the same age and share some of the same thoughts on our careers and I wanted to align his contract with my current eight-year deal. He worked with us during this process and clearly demonstrated that he wants to be at Kentucky for a long time. We evened out his yearly compensation without adding to his base salary. We were able to move some longevity bonuses around that were already in the contract, and added some longevity bonuses in the later years of his contract to demonstrate that we want him here for a long time. We also agreed to restructure the bonus money in a fair format where success dictates the bonuses. If we reach the levels of success for Cal to receive these bonuses, we will certainly generate the revenue necessary to allocate these funds.”
Here’s Cal on padding his pockets :
“I’d like to thank Dr. Todd and Mitch for this great opportunity and the Big Blue Nation for their unbelievable support. Ellen and I have tried to be good stewards with the blessings we have received and will continue to invest in the Commonwealth and the Lexington community. The people of Kentucky have embraced our family as one of their own and we love being here and there is no other place we’d rather be. Our fans are the best in all of sports and even though you’re crazy, we love it.”
“I think you want to let everyone know that I’m happy here. We all understand our state and our university. We wanted to work with them and be fiscally responsible, yet Mitch wanted me to know that, ‘Hey, we appreciate what you’re doing and I want you know that I want to extend your contract and we’ll add some stuff at the end.’ I was fine with that.”
The Cat Scratches Blog has some good quotes regarding the extension and how Cal envisions he can retire at UK under the new agreement.