It may not be a bad idea, as college coach (and pro coach) salaries have risen exponentially in the past couple of decades. In the past, I touched on the fact that even women’s basketball coaches may become an area of interest for Sports Agents; Pat Summitt became the first womenâ€™s basketball coach to obtain a $1 million+ contract.
In addition, I have touched upon the fact that Atlanta-based agent, Lonnie Cooper, has run a very successful business while representing a plethora of coaches in professional leagues and collegiate sports.
Recently, Bobby Petrino, head coach of the University of Louisville football team became the 14th head coach to reach over $2 million in any given year of a contract [New Louisville deal to pay Petrino $25.5 over 10 years]. A 3-5% commission on that contract ($25.5 million over 10 years) alone, equals $765,000-$1,275,000, which is not too shabby.
In June of this year, Kirk Ferentz (head coach of Iowa’s football team) had his contract restructured to pay him $2.84 million (up from $1.44 million before restructured) [Iowa’s Ferentz joins ranks of highest-paid coaches]. Surely, Iowa has been one of the stronger football schools in the nation in recent years, but let’s remember that we are talking about college football, and a school that is in the same division as powerhouses like Ohio St. and Michigan. When current head coaches of other large schools feel it is time to renegotiate their contracts, just watch as the money keeps rising.
Urban Meyer, Steve Spurrier, Bob Stoops, etc. have all eclipsed the $2 million per year mark. It will not be long until they leave that number in the dust.
College football is not alone when it comes to upping its payout for coaches. Tom Crean, coach of Marquette University’s basketball team (also a strong basketball school…but still a smaller school in the Big East), received $1.65 million this past year [Reaching for the check]. Tubby Smith of Kentucky is making $1.9 million yearly, and Rick Pitino is pulling in $1.64 million per year. Makes you feel bad for the soccer players, doesn’t it?
[tags]college coaches, college, coach, ncaa, college basketball, college football, coach agent, sports agent[/tags]