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UNCW owes Peterson as much as $880,000

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WILMINGTON, NC (WWAY) -- If Buzz Peterson does not work for the next two years, he will probably still make more money than you.

Under the terms of Peterson's contract, the school, by not terminating his contract for cause, must pay him as if he is still head men's basketball coach the next two years as long as he does not get another job. According to a copy of the contract obtained by WWAY, that means $880,000.

Peterson is owed a base salary of $240,000 for each of the final two years on his contract. He originally signed a five-year deal when hired in April 2010. He received a one-year extension in December 2012 that ran through March 31, 2016.

According to the contract, Peterson is also owed the $100,000 he would have received for doing his weekly TV and radio shows during the next two seasons, as well as $100,000 for each year of marketing and fundraising work.

The contract says if Peterson gets another job at a lower salary, UNCW would have to pay him the difference up to his base salary. If he gets a job that pays more, the university owes him nothing.

UNCW terminated Peterson's contract yesterday. Peterson's Seahawks ended their season Friday with an opening-round loss in the CAA tournament. The team finished the year 9-23. It was his worst mark in his four seasons in Wilmington. He finished his time here with an overall record of 42-82, including 30-53 in conference play.

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Serious replacement candidate

I suggest the UNCW A.D. recruit Coach Crutchfield from West Liberty University in WV. This is Division II, he has an 82% win rate in past 10 years (highest in nation) and teams average score 104pts this year - also highest in nation. You want some excitement - bring this guy to Wilmington & watch the bleachers fill! www.westliberty.edu

What took them so long????

I'm no basketball guru, but even I could see that Peterson was doing no more good with his team than the last coach that UNCW sent packing. My questions, though, are what took UNCW so long to see that, and why in the name of sense did they extend his contract? If they have to scramble to pay the $800,000 money to him from a trust fund, let's just hope and pray they learn something from this; and it serves them right for letting it go on as long as it did - and then for adding more contract time for him. His salary was totally ridiculous for UNCW to take on in the first place.

App State must be having a heck of a celebration to have gotten off so lightly.

SAD....Cause someone is

SAD....Cause someone is friends or worked with someone who is famous they get the job. There are tons of coaches who do not have a name but would be able to relate to players. Its a small white school so the chance you are going to get TOP TIER talent is not realistic. So that means the coach they hire most get the most out of his players. BUZZ was ok but I do not think he had the right approach to turn UNCW around. Now lets see who they pay next? Maybe another BIG NAME with no game..lol

How to save $880,000

Let's face it, UNCW's never going to be a great sports mecca. It's UNCW, and that's fine.

Now onto saving $880,000 .....

Keep Buzz as long as he wants to stay here (until his contract expires, of course) ... Cut his budget down to almost nothing and provide him with a host of inconvienences (nothing to lose here, the team already stinks)... Explain to him how the "new" budget will ensure an even worse career record for him before he leaves here ... Set your stopwatch on zero, push "start", and time how many minutes it'll take him to pack his bags and hit the road.

Buzz

The previous Athletic Director caused the program to be where it is. Peterson's contract should have been honored, if for noting else to keep from double paying coaches. UNC-W is a small school playing in a small conference. It will always be a stepping stone for coaches unless you find one not wanting to climb the corporate ladder. If Peterson was given the 2 years left on his contract.......he might have turned the corner. If not, replace him after the contract expires. UNC-W will never be like The Big 4 in the ACC and the expectations that it can be are ridiculous. The money problems the university has are well known.....and wasting another $800,000.00(+) is just crazy.......especially under the mistaken illusion of unrealistic,unattainable goals.

the leadership of the athletic department

must take lessons from Puff Daddy Saffo and his cronies.

They paid Benny Moss 6 figures to go away. Now they'll be paying Buzz.

In retrospect, the teams performed no better under his leadership than it did for Moss. They'd have saved a small fortune had he been allowed to complete his contract. They certainly would not have been forced to offer Buzz the keys to the vault.

And Buzz, your performance certainly ensures you won't be going to Chapel Hill as head coach in a couple of years.

Tom it gets worse

from a competing media outlet:
"Charlie Maimone, UNCW's chief financial officer, said the total amount owed to Peterson hasn't been determined. After calculating unused vacation and other leave, the university could be on the hook for more than $900,000.

"I haven't looked at all the facts and figures of it," said Trustee Michael Shivar when told the possible total severance. "That would always give me heartburn to pay anyone, but contractually you have to follow the obligation we have.""

So it appears as though Buzz gets almost a coll MILlION for being terminated - but get this:
"The athletics department plans to take out a low-interest loan from a university trust fund in order to pay the remaining portion of Peterson's contract, according to Maimone, who said the department will have up to eight years to repay the debt."

So, not only are they paying they will have to pay interest on the loan they're taking out to help pay. What a bunch of buffoons.
And the story goes on to indicate that last year the department was $400,000 short (budget deficit). This year fund raising increased 42% but just doing simple math means that if expenses were not cut they're still "in the hole".
Now we have Buzz's "payout" paid for by using "Trustee Payday Loan" (sarcasm).
This is a department is is run ineptly.
This is a program that has poor attendance
This is a program that on the whole is not successful

They have, and are, wasting taxpayer dollars, and student fees, at an alarming rate. And Buzz is right after the Moss departure with the same type of scenario!
Chancellor Miller needs to step back and let an independent group make a recommendation regarding the athletic department. If he does not take bold action, HE needs to go, as well as Peterson.
This is a travesty that needs to end - now

Vog

VOG

Step 1 in the overhaul is to terminate the idiot who gave Buzz the extension which doubled the amount he is walking away with.

Step 2, if they are serious about keeping sports is to drop out of
1-A and go 2-A where they will have a chance to be competitive.

BYE BYE Buzz

It's a Good Gig, if you can swing one like this. I hope the next one works out much better. Not Too impressed with his overall collegiate
coaching career. Maybe he should call up Jordan for some Tips...

$880,000...

...and 12 cents!