ATHENS — Kirby Smart has agreed to a six-year contract that will pay him approximately $3.75 million per season, according to a memorandum of understanding released by UGA on Sunday.
The contract terms were approved during the executive session portion of a teleconference Sunday of the executive committee of UGA’s athletic board.
There will be a press conference on Monday at the Georgia Conference Center. Neither Smart nor any administrators were available to the media after the teleconference.
Previous coach Mark Richt was earning $4.1 million under a contract agreed to earlier this year though never signed. (UGA has said it will honor the terms of the contract.)
The buyout terms on either side are both also spelled out in the memo:
- Smart would owe $3.75 million if he leaves in 2016, $3 million if he leaves in 2017, $2.5 million if he leaves in 2018, and continues to descend along those lines the final three years.
- If Georgia terminates Smart it would owe: $13.5 million in 2016, or $10.8 million in 2017, or $7.050,375 in 2018, or $4.700,250 in 2019, or $2.35,125 in 2020, or 62.67% of his remaining salary if it happens in 2021.
There are various performance bonuses in Smart’s contract:
- $400,000 for winning the SEC championship or $150,000 for winning the SEC East. (He would not receive both.)
- $1 million for winning the national championship, or $600,000 for playing in the game. or – $500,000 for advancing to the national semifinal game. (Again, he would not receive both.)
- $200,000 for a top-5 finish in either the AP or coaches polls.
- $200,000 for playing in any of the other College Football Playoff bowls, though not in the playoff.
- $100,000 for making the Citrus Bowl.
- $75,000 for playing in one of the so-called Six-Pack bowl games (Taxslayer, Outback, Belk, Music City, Texas or Liberty).
- $50,000 for playing in the Birmingham or Independence Bowl.