Grant Will Make At Least $1.8 Million
The memorandum was signed by University of Alabama President Dr. Robert E. Witt and Crimson Tide Athletics Director Mal Moore for The University and by Grant on March 29.
Grant was introduced as the new head coach in a press conference on March 29. He replaced Mark Gottfried, who was relieved of his duties during the season. Grant had been the head coach at Virginia Commonwealth the past three years, and Alabama will pay his buyout of $240,000.
The University also will pay Grant a $50,000 signing bonus when he executes the final contract.
There are normal notices of country club membership, moving expenses, automobiles, etc.
His salary from The University will be $245,000, but he will receive an additional talent fee of $1,555,000, bringing the base compensation package to $1.8 million, approximately a $1 million per year increase over what he made at VCU.
The bulk of the pay comes from entities such as Crimson Tide Sports Marketing, Nike and the Crimson Tide Foundation.
There are also incentive clauses based on academics, team success, and individual honors that could add up to $375,000 to his pay.
The agreement is for seven years, but at the end of three years there is the opportunity for negotiation.
The agreement must be approved by the Board of Trustees compensation committee, almost certainly no more than a formality.
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