Charlie Weis has decided financial advantage in buyout money
Somebody get me the agent representing Charlie Weis on the phone, because the now former Kansas head coach has quite a deal going. According to the contract Weis had at Kansas, he will be paid $5.625 million in buyout money between now and December 31, 2016.
Kansas fired Weis as head coach on Sunday morning. According to the terms of the contract, Weis will be paid $5.625 million in buyout money between now and December 31, 2016. According to USA Today reporter Steve Berkowitz, via Twitter, it is likely Weis will be paid an estimated $2.5 million per year by Kansas to not be the head coach. It gets better for Weis, at least in terms of buyout money.
You may remember a report we had detailing how much Notre Dame is still paying Weis for their buyout of his former head coaching contract in South Bend. According to tax return documents, Notre Dame paid Weis $2.1 million in 2012 and it is expected the payment amount is the same through the end of his contract buyout at the end of 2015. In all, Notre Dame and Kansas will be paying Weis an estimated $4.6 million to not coach their football programs through the end of 2015.
This may be the end of the line for Weis as a head coach, but he has some nice retirement money coming his way for another year and a half to fall back on.