-USFSID(November 30, 2005) -- Jim Leavitt, the only coach in the 10-year history of USF football, has agreed to a contract extension through 2012, USF Director of Intercollegiate Athletics Doug Woolard announced today. The new terms begin January 1, 2006, replacing Leavitt's current contract that ran through 2009.
The base salary plus compensation for radio, television and appearances will average $1 million per year over the length of the contract. The annual salary in 2006 will be $600,000 with an escalation each year thereafter. All monies provided in the contract will be drawn from gate receipts, private fundraising corporate partnerships, television and radio rights fees, and Big East Conference and NCAA revenues. No Education and General Fund (state) monies or student fees will be utilized.
Other than the addition of a $75,000 incentive for a BCS bowl appearance, the incentives portion of the contract remains unchanged.
The new terms also increase the buyout of the contract. If Coach Leavitt resigns his position between the effective date and January 1, 2008, the buyout is $500,000. The buyout drops to $400,000 between January 1, 2008 and January 1, 2012. There is no buyout if the contract is terminated between January 1, 2012 and December 31, 2012.
"I've said from the very beginning that USF is one of the best coaching jobs in America," said Leavitt. "I really feel that way. I am very fortunate to coach for USF and it's something I will never take for granted. I appreciate both President Genshaft and (Athletics Director) Doug Woolard so much for the unending support they have shown for our program."
Woolard said, "This extension reflects the outstanding job that Jim has done in leading our football program. He has made our program competitive in the Big East Conference and within the BCS, and we feel like the terms of this extension are consistent with his outstanding achievements. Coach Leavitt has an opportunity to build a legacy here at USF and we are pleased to support him in that endeavor."
"We recognize how important Jim Leavitt is to the future of USF athletics," said President Judy Genshaft. "He has built this program in record time and we are happy to do everything in our power to keep him here."
Leavitt Agrees to Extension Through 2012
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