Colorado State is scrambling to cover the $1.825 million buyout of former football coach Mike Bobo by reducing how much they’ll pay new coach Steve Addazio and his staff.
According to reporting from Coloradoan.com, which obtained a copy of a term sheet through an open records request, Addazio’s agreement includes an annual salary of $1.5 million, with increases of $50,000 per year through 2024 and an annual salary pool of $2.8 million for 20 designated staff members.
Addazio’s annual pay for 2020 is $500,000 less than Bobo would have received this year if he were still coaching the Rams under terms of the five-year contract extension he back in 2017. Bobo's salary was scheduled to increase $100,000 annually through Dec. 31. 2022.
Likewise, the salary pool for the 20 staff members is $200,000 less than the $3 million Bobo had available under terms of that extension.
CSU and Addazio have agreed to a buyout figure of $5 million in 2020 and 2021, which then drops in differing amounts over the final three years. CSU would owe the coach $3 million if it were to fire Addazio “without just cause” in 2022, $1.5 million in 2023 and the remainder of his base pay for the year in 2024.
The Coloraoan lists the following bonuses available to Addazio :
- $10,000 for being named the conference’s Coach of the Year
- $25,000 for winning six games and an additional $25,000 for a seventh and eighth win (8 wins would be worth $75,000)
- $50,000 for qualifying for the conference championship game and another $50,000 for winning the conference championship game
- $50,000 for winning one of the major national Coach of the Year honors
- $50,000 for being selected to play in a bowl game
- $100,000 for participating in one of the College Football Playoff-controlled bowl games
- $150,000 for being selected to play in a College Football Playoff semifinal game
- $200,000 for playing in the College Football Playoff’s championship game
- $100,000 for winning a the College Football Playoff’s championship