Kirby Smart agrees to six-year contract, $3.75 million-per-season with Georgia
Kirby Smart agreed to a six-year contract to be Georgia's next football head coach.
Smart will receive an annual salary of $3.75 million with $3.35 million be paid by Georgia's athletic association and the remaining $400,000 coming from the university itself.
The contract officially will begin Jan. 1 and go until Dec. 31, 2021, or until the final bowl game of that particular season. Of course, this doesn't take into account any potential contract extensions or new deals agreed upon between Smart and his new employer.
Smart will be eligible for performance bonuses, worth up to $1.6 million each year.
If Smart leads Georgia to the SEC championship, he's due a bonus of $150,000. If he wins the conference title game, he'll receive $400,000. By winning the national championship, Smart would earn a $1 million bonus. A top-five finish in either the AP or coaches poll will land Smart a bonus of $200,000.
Smart also will receive bonuses for participating in various bowl games. A College Football Playoff appearance is worth $500,000, and a national championship appearance is worth $600,000. A Sugar, Rose, Cotton, Orange, Fiesta or Peach Bowl appearance will net him $200,000. Appearing in the Citrus Bowl is worth $100,000. Getting a berth in the TaxSlayer, Outback, Belk, Music City, Texas and Liberty Bowl would earn Smart $75,000. Smart would receive $50,000 by going to the Birmingham Bowl.
Smart essentially will be given three years by Georgia, considering the terms of the buyout on his deal in each of those seasons. If terminated without cause in 2016, Georgia's buyout would be $13.5 million. In 2017 that number is $10.8 million and in 2018 that falls to $7.05 million.
In 2019, it becomes a much more manageable number, with Georgia owing $4.7 million. By firing Mark Richt this past Sunday, Georgia owed its previous head coach a buyout of $4.1 million.
In 2020, Smart's buyout becomes $2.35 million and in 2021 it would be 62.67 percent of the remaining salary.
If Smart chooses to leave on his own in 2016, he would owe Georgia $3.75 million. In 2017, the number falls to $3 million; in 2018 the number is $2.5 million; in 2019 the number is $1.5 million, and in 2020 the number is $1.5 million.
Smart will get $50,000 Georgia finishes in the top 33 percent in the SEC in both graduation Success Rate and Academic Progress Rate.
If Smart earns SEC Coach of the Year, he would be awarded $50,000. A National Coach of the Year honor is worth $100,000.
Smart also will be given a membership to the Athens Country Club, with dues paid monthly by the Georgia athletic association.
Unsigned Memo of Understanding
This story was originally published December 6, 2015 at 1:33 PM with the headline "Kirby Smart agrees to six-year contract, $3.75 million-per-season with Georgia."