The full contract details have emerged for LSU coach Ed Orgeron and newly hired defensive coordinator Bo Pelini, including buyout totals, bonuses and extra supplementation, according to term sheets between the coaches and the school.
Term sheets are legally binding employment agreements. Each say the coaches and the athletic department will draw up a formal long-form agreement within 90 days that includes the agreements in the term sheet.
The long-form agreement then takes precedent and needs approval by the LSU Board of Supervisors, which next meets March 6.
Orgeron signed his term sheet Jan. 23, which was 10 days after LSU won its fourth national championship over Clemson in New Orleans and a day before news broke of his extension.
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Orgeron's new contract began on Jan. 14 and expires Dec. 31, 2025.
It has an annual salary of $6 million and includes a $5 million split-dollar life insurance policy in the first two years of the deal. In total, the contract is worth $41 million before bonuses.
The contract places Orgeron within the top five highest-paid coaches in the NCAA, according to USA Today.
It also includes $187,500 per year for personal air travel.
Orgeron's buyout equals out to 70% of the salary remaining on the entire contract. If LSU were to terminate Orgeron's contract in the first year, his buyout would be about $27 million; in the second year, about $21 million; in the third, $16.8 million; in the fourth, $12.6 million; in the fifth, $8.4 million; and in the final year, $4.2 million.
The payments would be made in equal monthly installments over the course of the remaining time in the contract.
The 2020 class was mostly about how much LSU could chase down the major talent that was outside Louisiana.
Orgeron will owe LSU $6 million if he leaves for any other coaching position in the Southeastern Conference within the first four years of the contract.
If Orgeron terminates the contract for other jobs, in its first year, he must pay LSU $6 million. It decreases to a $4.5 million payment to LSU in Year 2, $3 million in Year 3, $1.5 million in Year 4, $600,000 in Year 5 and no payment in Year 6 of the contract.
All incentive compensation remains the same, except that Orgeron will receive a $200,000 bonus if the team achieves a single-year academic progress rate score of 960 or higher.
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Pelini signed his term sheet on Jan. 27, the same day news broke of his hiring.
LSU athletic director Scott Woodward signed Pelini's term sheet on Jan. 24, the Friday before. Pelini told a told a local Ohio television station, WFMJ, that he appreciated that LSU gave him the weekend to think it over.
Woodward and Orgeron signed their term sheet on the same day.
Pelini's contract with LSU began on Jan. 23, and it expires on March 31, 2023.
It includes a base salary of $500,000 and has a supplemental compensation of $1.8 million per year. In total, Pelini's contract is a three-year, $2.3 million deal before bonuses.
Such a payment makes Pelini the second highest-paid assistant in the nation, below Auburn defensive coordinator Kevin Steele, who just signed a new $2.5 million-per-year deal.
Pelini's incentives are "consistent with current LSU coordinators," according to the term sheet.
Comparing to offensive coordinator Steve Ensminger's contract, that would mean Pelini will receive a $25,000 bonus if he wins either the Broyles Award for nation's top assistant or the AFCA Assistant Coach of the Year award.
Pelini also would receive up to $125,000 in postseason incentive bonuses if LSU wins a national championship.
LSU is officially moving to a 4-3 defense.
Pelini's buyout equals the total amount of base salary and compensation left in his contract. If he's fired without cause in his first year, LSU would owe him about $6.9 million; if he's fired without cause in his second year, about $4.6 million; and his buyout would be about $2.3 million in his final year.
If Pelini leaves LSU for any Division I head coaching position or any coaching position in the NFL, he will not owe any payments to LSU.
Pelini will owe LSU 100% of the remaining contract if he leaves for any SEC coaching position other than head coach, and if Pelini leaves for any Division I non-head coaching position, he'll owe LSU $1.15 million.