From LSU Media Relations
An amendment to the contract of LSU head football coach Les Miles will be presented for approval by the LSU Board of Supervisors on Friday. The basic terms of the proposed amendment are the result of discussions that began following LSU's victory over Texas A&M in the Cotton Bowl in January.
The amendment does not change the basic annual compensation, which remains at $3.751 million. It does increase monetary incentives for meeting certain post-season and academic achievement goals, and also increases the maximum amounts LSU would owe if the coach were terminated without cause.
The grounds for termination with cause remain unchanged. Should the coach be terminated without cause during the term of the contract, liquidated damages amounts, which are established by the contract in advance, would be reduced by the amount of compensation previously paid during the year of termination, and further reduced by any compensation the coach receives in subsequent employment.
Miles would remain under a continuing good-faith obligation to seek similar or related employment for which LSU would receive credit against the stated liquidated damages if there were a termination without cause.
"We are pleased to finalize and recommend this amendment to the contact for Les Miles and present it to the Board of Supervisors for their approval," said LSU Vice Chancellor and Director of Athletics Joe Alleva. "It is important to maintain long-term stability in a program and the goal at the outset of this process was to establish Coach Miles as the leader of our football program for that long-term stability."
All funds relating to this contract amendment would be paid from revenues generated by the football program, either through the Athletic Department or the Tiger Athletic Foundation. The LSU Athletic Department is a self-sustaining auxiliary of the university. No state tax dollars and no student fees are used to fund the contract. The amended contract would be effective January 1, 2011, and end on December 31, 2017.
The provision of his existing contract is continued that should LSU win the BCS Championship title game during the term of the agreement, Miles' total compensation would be adjusted to be $1,000 more than the highest paid football coach in the SEC.
Miles, LSU hammer out new contract
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