NFL News NFL News, Reports and Updates
Chip Kelly is the second coordinator to leave Ohio State in the aftermath of the Buckeyes’ championship run.
After defensive coordinator Jim Knowles took the same role at Penn State last week, Kelly took a job in the NFL Sunday, becoming the Las Vegas Raiders’ offensive coordinator.
But the buyout Kelly owes Ohio State is smaller than the one Knowles is scheduled to pay to the school.
Offensive coordinator Chip Kelly had two years remaining on his contract with Ohio State.
Under the terms of an extension Knowles signed last year, his buyout is an amount worth 30% of his remaining base salary, leaving him on the hook for $1.32 million. Two years had remained on the deal.
Kelly is due to pay Ohio State only a fraction of that amount. The full details are below.
Chip Kelly buyout details
While Kelly also had two years left on his contract with a base salary surpassing $2 million, he only owes $350,000 for leaving for an assistant coaching job in the NFL.
Half of the liquidated damages are to be paid within 30 days of the date of the termination of his contract. The rest are due within a year.
The contract also specifies that athletic director Ross Bjork is eligible to waive or reduce the damages.
It was a less pricey exit than if Kelly took a coordinator job at another college. He would have owed $750,000 within 45 days, and Bjork would have had no discretion to wipe away the buyout.
Kelly’s buyout is ultimately an amount worth just 8% of his remaining base salary with Knowles owing 30% of the guaranteed compensation that he was to receive over the rest of the deal.
More: Join the Ohio State Sports Insider text group with Bill Rabinowitz, Joey Kaufman Adam Jardy
Chip Kelly contract details
Under the terms of a three-year contract that took effect last February, Kelly was set to receive a base salary worth $2.1 million in…
Source link : https://sports.yahoo.com/offensive-coordinator-chip-kelly-leave-005054402.html
Author : The Columbus Dispatch
Publish date : 2025-02-03 00:50:00
Copyright for syndicated content belongs to the linked Source.
