Lane Kiffin, Chris Beard contracts surpass Mississippi limits
Mississippi prohibits state employees of having contracts longer than four years. Schools found loopholes for Lane Kiffin, Jeff Lebby and Chris Beard
State law in Mississippi prevents public employees from signing contracts longer than four years, but documents show that coaches Lane Kiffin and Jeff Lebby – who lead the football programs at the state’s two public SEC universities, Mississippi and Mississippi State – have signed contracts for longer than that. In addition, Mississippi men’s basketball coach Chris Beard has a six-year contract.
These extended contracts for Kiffin, Beard and Lebby are made possible because of separate agreements with private athletic foundations at Ole Miss and Mississippi State, which permit coaches at both universities to circumvent the four-year limit on contracts for public employees within the state.
“Historically, this process has ensured our competitiveness in the hiring market,” a Mississippi State spokesperson said.
“As an institution that competes at the highest level of college athletics, it’s imperative that our coaching contracts are competitive with market standards, and with the current model, we have been able to effectively navigate the contractual process in our industry,” an Ole Miss spokesperson told the Clarion Ledger.
The Clarion Ledger obtained contracts between the Ole Miss Athletic Foundation, The Bulldog Club – as Mississippi State calls its athletic foundation – and coaches and administrators at both universities. In the past, the universities and the foundations had declined to release the documents, saying they were not subject to disclosure under the state’s open records law.
What is Lane Kiffin’s salary and buyout information?
Kiffin is under contract through Dec. 31, 2029, under the terms of a six-year extension signed in 2022. That agreement was automatically extended by one year on Dec. 8, 2023. From 2025 onward, Kiffin is due $9 million in base pay annually. In 2024, he’ll receive $8.85 million and a retention bonus of $150,000 if he remains in charge of the Rebels on Dec. 31, 2024.
The contract includes language to automatically trigger a one-year extension annually provided Ole Miss wins at least seven regular-season games that season. If the team doesn’t win seven games, the contract is automatically extended unless the foundation or Kiffin chooses to forego the extension.
The foundation would owe Kiffin 80% of his remaining total pay should Ole Miss fire him without cause. If Ole Miss were to fire Kiffin on Nov. 30 at the conclusion of the regular season, the foundation would owe him roughly $36,590,000. If Kiffin’s automatic contract extension is triggered, as of Dec. 8 of each year, that rises to nearly $44 million.
Should Kiffin leave before the end of the 2024 calendar year, he would owe the foundation a buyout of $4 million. That number drops to $3 million in 2025, $2 million in 2026 and stays at $1.5 million for the remainder of the contract starting in 2027.
Kiffin’s buyout states that he has no duty to mitigate, meaning that any of his future earnings will not offset the amount owed to him by the foundation.
Under Kiffin’s leadership, Ole Miss won 11 games for the first time in program history last season, concluding with a Peach Bowl triumph over Penn State. That marked Kiffin’s second double-digit win campaign since he took over the Rebels’ program for the 2020 season.
He has a 34-15 overall record with Ole Miss, and the Rebels are the nation’s sixth-ranked team as they prepare for the 2024 season.
What is Chris Beard’s salary and buyout?
New contracts signed by Beard in April include nearly a 50% pay increase as he enters his second season, documents show.
Under the terms of his first agreement with the Rebels, Beard had been set to make $3.35 million in 2024-25. Now, he is scheduled to earn $5 million, according to contracts with the Ole Miss Athletic Foundation obtained by the Clarion Ledger. Beard’s base compensation will increase by $100,000 annually over the life of the six years of the deal.
Ole Miss finished 20-12 with a 7-11 SEC mark last season, failing to reach the men’s tournament and declining to play in the NIT. An unbeaten non-conference slate paved the way for just the 18th 20-win season in program history before nine losses in 11 games to close the season ended the Rebels’ March Madness hopes.
Beard was reportedly a candidate to leave the Rebels during the offseason, with reports connecting him to the vacancy at Arkansas that was eventually filled by John Calipari. Ole Miss announced a contract extension for Beard on March 13, just before the Rebels played in the SEC tournament. Beard then signed his most recent Ole Miss Athletic Foundation contract on April 12, roughly a week after he declared his intent to stay with the Rebels on social media amid Arkansas interest. The financial terms of that deal were never publicly announced.
In 2024-25, $1 million of his athletic foundation pay comes from a “licensing and publicity rights agreement” between the foundation and Baseline Asset Management Corporation, for which Beard is the president.
Beard’s new deal elevates his total pay to what he was making at Texas, where he signed a seven-year contract worth $5 million annually before he was fired for cause following a domestic violence charge that led to his arrest. Those charges were later dropped.
At present, Beard’s new total pay of $5 million ties him for fourth in the SEC last season behind Tennessee’s Rick Barnes, Auburn’s Bruce Pearl and Calipari. His pay matches that of Kentucky coach Mark Pope and Alabama coach Nate Oats.
Should the Rebels fire Beard without cause, the foundation would owe him 75% of the value of his remaining contracts. If fired on March 31, 2025, that would amount to $19,875,000. If Beard were to move on during the remainder of the first year of his contract, he would owe the Ole Miss Athletic Foundation $4,500,000. That amount drops to $3,500,000 in the second year and $2,500,000 in the third year before stabilizing at $1,000,000 for the final three years of Beard’s deal. If Athletic Director Keith Carter and University Chancellor Glenn Boyce are no longer employed in their respective positions, Beard’s buyout is cut in half.
What is Jeff Lebby salary and buyout information?
Lebby’s contract is a five-year deal, according to documents obtained by the Clarion Ledger. It does not include an automatic extension clause like Kiffin’s does.
Lebby, hired by the Bulldogs to replace the fired Zach Arnett following the conclusion of the 2023 season, is about to take charge of his first campaign as a head coach. A respected offensive mind, Lebby spend the last five seasons coordinating offenses at Central Florida, Ole Miss and, most recently, Oklahoma.
Of Lebby’s total pay, $800,000 comes annually from his state contract. His Bulldog Club agreement houses the other $3.45 million of his base pay, totaling $4.25 million in the first year of his agreement.
The Bulldog Club and the university each owe Lebby 75% of the remaining money on their deals should Mississippi State fire him without cause, making his buyout roughly $14.3 million if Mississippi State fired him on Nov. 30. Unlike Kiffin, Lebby has a duty to mitigate.
Should Lebby leave on Jan. 31, 2025, he would owe the Bulldog Club $5 million. He would also owe the university $1.2 million. His Bulldog Club buyout drops by $1 million for each remaining year of the contract. If he accepts employment at another SEC school, his Bulldog Club buyout increases by $1.5 million.
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Publish date : 2024-08-21 02:40:00
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