Mark Rushing, University of Arkansas director of public relations, clarified this evening what Jeff Long's c
ontract will provide in future payments after his termination today as athletic director.
Long had a contract that runs through June 30, 2022, almost five years, and Chancellor Joseph Steinmetz
had said the university would honor the contract, which provided continued payment if Long were to be terminated for "convenience" of the university, as opposed to cause
or for his own decision to seek employment elsewhere. Said
Mr. Long will receive his regular salary through today [that pay was put earlier today by a university spokesman at] $1,287,950], together with incentive compensation earned to date.
The incentive compensation amount is tentatively $90,000 based on achievements specified in the employment agreement. Going forward, consistent with the relevant provisions of Mr. Long’s employment agreement, the University will pay Mr. Long $1 million per year for the remainder of his contract through June 30, 2022 (prorated for the remainder of fiscal year 2018) in monthly sums of $83,333.33 up to a maximum of $4.625 million, all of which is subject to mitigation if Mr. Long is later employed and/or receives compensation elsewhere.
No “public” funds as in state appropriations will be used, only athletic department funds and/or private funds will be used to satisfy the remainder of his contract.
Private funds refers
to the Razorback Foundation, the private fund-raising arm of UA athletics, which is named as a guarantor on financial considerations in Long's contract, as well as those of other top coaches.
I'd cited the $1 million annual guarantee earlier. It came from a contract amendment
entered in 2012 between Long and then-Chancellor David Gearhart. From the letter summarizing the agreement: