As expected, Richt received a new five-year contract that will extend his agreement with Georgia through the 2016 football season.
The new deal calls for a slight raise in base salary for Richt — from $387,000 annually to $400,000 — but keeps the overall value basically the same at $2,811,340.
However, the Bulldogs doubled Richt’s performance bonuses, meaning an SEC championship would be worth $200,000 to him and a national championship could pay him $800,000 extra in incentives.
“That’s among the top in college football, if not the top,” McGarity said.
The penalty for Richt leaving on his own fruition was reduced from $2 million per year under the old agreement to zero under the new deal. Conversely, the amount Georgia would owe Richt should they fire him was reduced from $2.4 million per year to $800,000 per year for the three new years on the contract.
In other words, UGA would have to pay him $4.8 million if he was fired following the 2012 season ($2.4 for 2013 and $800,000 for each year thereafter). But it would be $800,000 a season beyond 2013.
Richt will be available for comment via teleconference later tonight.
“I think it’s an A-plus,” Bob Bishop, UGA’s longest-tenured member of the executive board said of Richt’s new deal. “I think it’s great. He’s done an excellent job and deserves it.”
Meanwhile, McGarity received a somewhat unexpected contract extension through December of 2017 and got a raise that will increase his annual salary to $500,000 this year and $550,000 for 2013 and the remainder of the agreement.
“He’s had two years here now and he’s shown extraordinary leadership,” said UGA president Michael Adams, who said it was his idea to extend McGarity. “He’s widely respected already among the other ADs in the conference. I’ve watched him make some tough personnel decisions this spring and have been impressed with how he has handled that as well as the negotiations with the football coach.
“I just felt like it was important for the benefit of the athletic association and the university that we get him locked in at a time that was slightly longer than the head football coach. That would well position the university for any changes that might take place in the future.”
McGarity dismissed women’s gymnastics coach Jay Clark and women’s golf coach Kelley Hester hired Danna Durante to coach gymnastics this year.
Said McGarity of his extension: “I don’t like talking about that. It’s awkward for me. I’ve always said it’s an honor and privilege for me to be here as athletic director. I get to come into an environment with a great staff and a great work force that loves what they do. It’s reassuring to know that the president and the board feel confident in the direction we’re moving as a staff.”