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.