College coaches: price of failure

I don’t know what fantasy land college football coaches and athletic departments live in, but I wish I could utterly fail at my job and get paid millions of dollars to sit at home:

The University of Tennessee does not yet have a plan for how it will finance a multimillion-dollar buyout of former football coach Derek Dooley, who was fired Sunday, Chancellor Jimmy Cheek said Monday.

The university is “keeping every possibility on the table,” Cheek said, but declined to say whether university funds could be used to bolster a struggling athletics department budget.

… Firing Dooley, who coached three seasons to finish with a 15-21 record, will be expensive. Dooley’s contract stipulates UT will have to pay out roughly $5 million for the remainder of his contract, in monthly installments of about $102,000.

In the real world, failure means being shown the door, and if you’re lucky, getting one last paycheck from accrued vacation. Universities and professional sports teams could save a lot of money if they did away with guaranteed contracts and scaled pay based on performance, not just forking over egregious sums of money based on little more than on potential.

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