Yeah it’s all relative. We had $3-5M write offs 6-7 times per year at my old job. They were normally covered in an hour meeting after an analyst did the rec. Company was 400 people and maybe guessing less than half of IU’s annual revenue. I get there are different stakeholders with a public university.
So Archie getting a job means what?
- Thread starter Courtsensetwo
- Start date
The people that dropped the cash to make Woodson happen give close to zero shits about the money.$7 million isn’t so much if it’s someone else’s money. We can all be generous when it doesn’t dip into our stash of cash.
Is what it is.
Everyone is different. When I retired at 60, I was tired of servicing the needs of the public, always trying to fulfill their (sometimes unrealistic) expectations. I finally decided it was MY time and I've been doing nothing but basically pleasuring the senses ever since...11 years now. I've had friends who retired and then went back to work because they couldn't hack it anxiety-wise. A lot of people get their self-esteem from their job interactions. Money making is a competitive game for some people. I think it might also have something to do with the integrity of one's marriage, in some cases. My dad once told me he was happiest at the office. I made the mistake of telling this to my mom, without really thinking.
I used to employ a receptionist who told me she took up the game of golf so she could spend more time with her husband. She got tired of being a "golfer's widow". Now understand, there is nothing wrong with continuing to work when finances are no longer an issue. It's good for the economy and for those who enjoy working, it fills a void that might be there if not working. Another way to look at voluntary retirement from all work is that it can be viewed as an altruistic act in that by leaving the workforce, you are creating a better chance to fulfill the dreams of someone younger. Now, if you'll please excuse me, I think I"d like to take a piss and the cat needs fed..
I think it seems like a greedy contract/negotiations on AM's part. I think it would bother me if I failed to produce and was still getting the agreed upon contract...then sticking it to the people who gave me the opportunity in my next opportunity. All is fair in business but I don't like it. I realize RI probably can't pay IU money but to negotiate to max out the buyout seems rough. This also takes me back to how happy I am that he is no longer at IU. I'd rather roll with a coach that actually loves IU and not just a good coach who wants to use IU for his career or $.
If IU's not careful, we may be getting to the point where if we do land a really successful, quick-fix coach, we aren't able to retain his services for long, having him being led away by the allure of a more prestigious coaching gig, not to mention more money (see IU football). Those who personally witnessed the excellent years of RMK are dying off in greater nnumbers each successive year. When mediocrity is the only thing ever known by the IU fan base and those administrators in control of the situation, mediocrity is more likely to be accepted.
IMO there is a problem with AM's buyout agreement if it allows AM to be paid below market forcing and IU to supplement. There should be a "market rate" clause.
Miller agreed to terms with Rhode Island on an $8.5-million deal — $1.4 million the first two seasons through 2023-24, $1.9 million in each of the last three through 2026-27.
Here's the info on Miller's contract and buyout at IU as of April 2021:
Miller currently earns $550,000 a year in base salary, plus another $1 million in deferred compensation. His outside, marketing and promotional income (OMPI) escalates over the course of his deal. Miller earned $1.65 million in OMPI in his first season in charge in Bloomington, that number rising by $50,000 each year of his seven-year contract.
Were Indiana to terminate Miller’s contract without cause before March 31 of next year, he would be owed whatever remained of those three pools of compensation. For reference, on April 1, 2021, that number would add up to approximately $10.35 million, that number subject to change as portions of Miller’s compensation are paid out monthly across the life of the contract.
IU would be required to pay the whole of Miller’s buyout within the timeframe of his current contract, which runs through March 31, 2024. Mitigation language in Miller’s contract could reduce that number, were Miller to obtain another job in basketball during the intervening period.
After April 1, 2022, the contract would include $1.1 million in base salary, $2 million in deferred compensation and $3.85 million in OMPI, all added together and divided in half.
Thus, from April 1, 2022, Miller’s buyout would fall to less than $3.5 million. It would continue decreasing over time via scheduled monthly salary payments. Both base salary and OMPI are paid monthly, while deferred compensation is paid annually.
I haven't done the calculations, but yes there is less money owed to Archie as a result of this contract, but he still walked away with a lot of IU's money (the donor's) as a rsult of his firing - not small change to almost everyone.
My calculation would say that IU (the donor) will still payout approximately $4.1 million over the next two years.
To paraquote lennie pike from A Mad Mad World:
Lennie Pike:
He’ll pay taxes! Even businessmen, who rob and cheat and steal from people everyday, even they have to pay taxes.
Lennie Pike:
He’ll pay taxes! Even businessmen, who rob and cheat and steal from people everyday, even they have to pay taxes.
We like to travel and our free time. This isn’t uncommon for people our age. Your generation had like 3 kids by the age of 25.
There has always been a demographic that statistically reproduces earlier and more often, still is today.
Folks that have kids early trade off having nicer things, houses, cars earlier but have the ability to be "free" much younger. Those that hold off until their 30's have things but are still dealing with college at 55.
I see both sides.
Agreed. I’m 32 with the first one on the way and knowing my wife she’ll want 2-3 more. Not sure I can handle a high school/college-aged daughter in my late 50’s lol.
College isn’t expensive. If you establish yourselves prior to having kids, paying for them and college is significantly easier. My opinion is that people rush into kids way too early.
I wasn't referring to money on the back end...just responsibility and involvement at 55+.
That makes zero sense to me, unless his buyout contract is different than academic/professional contracts that operate on IU's fiscal year budget, which is 7/1 - 6/30 always. That sounds like an April Fool's Day joke, most everything at IU, contract and salary wise operates on their fiscal year budget. The Athletic Dept may be different though. I would imagine that the financial office despises him more than most of the fan base
