I have not yet been able to get in contact with Tom Gabbard, Associate Director of Athletics for Internal Affairs, to talk about the new video board the Hokies will be adding in Lane Stadium. Hopefully I can add some insight on that later today.
In the meantime, here’s some salary information on the new coaches. All told, the cost of Virginia Tech’s new, existing and departing staff will be close to $5 million in 2013.
The actual figure — if my math is correct — is $4,964,690, which includes Frank Beamer‘s new contact (with salary, retention incentive and Nike and IMG compensation), salaries for all nine on-field assistant coaches and money owed to two coaches who have departed. (UPDATE: that figure is probably a little lower now that Curt Newsome has formally been hired by James Madison.)
That is remarkably close to last year’s figures. Virginia Tech’s coaching staff was due about $4.93 million prior to bonuses last season.
The assistants still on the staff got 7 percent raises from last year based on the bowl appearance (the language for raises is written into Beamer’s contract). Here’s what their 2013 salaries will look like:
- Bud Foster — $504,785
- Bryan Stinespring — $300,000
- Charley Wiles -- $261,673
- Torrian Gray — $216,704
- Shane Beamer — $216,704
- Cornell Brown — $216,704
- Scot Loeffler — $150,000
- Jeff Grimes — $150,000 (becomes $265,000 on July 1)
- Aaron Moorehead — $150,000
Virginia Tech still owes Mike O’Cain and Newsome their salaries through June 30, 2013, which is how long their university letter of appointments run. O’Cain made $252,776 last year and Newsome $212,653, although since they were on staff to start the new year, they should be eligible for the 7 percent raise based on the bowl appearance.
Prorated for half the year, the Hokies will owe them about $249,004, although now that Newsome has been officially hired by James Madison, that should lower Virginia Tech’s financial obligation to him over the next few months. Kevin Sherman accepted a job at Purdue at a higher pay rate. Due to language in his Virginia Tech letter of appointment, the Hokies do not owe him additional money.
Jim Cavanaugh and Billy Hite still have administrative jobs that are paid at a rate of $150,000. Their letters of appointment run through the end of June.
The only assistant coach with a contract now is Foster. Stinespring did have one — and would have been eligible for a buyout for around $1 million for being removed as offensive coordinator — but now is on a letter of appointment for $300,000 a year through June 30, 2016. The three new coaches, even Loeffler, are operating under letters of appointment.
As was mentioned when the new coaches were hired, the $150,000 salary listed for Loeffler and Grimes is temporary. Virginia Tech designed the salaries to be less for the duration of their contracts at Auburn, which owes them the difference from their previous salaries to their new ones (Loeffler made $500,000 per year at Auburn; Grimes $400,000).
Loeffler will begin making $400,000 a year from Virginia Tech on July 1, 2014. Grimes will begin making $265,000 a year from the Hokies on July 1, 2013. So really, Tech will pay Grimes $207,500 this year ($75,000 for half the year, $132,500 the second half).
Frank Beamer‘s new contract went into effect on Jan. 1. He has a base salary of $285,944 this year, with a retention incentive of $2,020,672 (for Hokie Club appearances, university PR functions, radio and TV appearances) and Nike and IMG contracts worth $185,000. That’s a grand total of $2,491,616, prior to possible bonuses.
Once the new assistant coaches’ contracts all go into effect, Virginia Tech will be paying them $2,531,570. Last year, only Clemson ($4,246,750) and Florida State ($3,042,050) paid their assistant coaches more in the ACC, according to the USA Today’s salary database, although the Seminoles have had almost a complete staff overhaul, making it unclear what their final payroll obligation will be this year.