There's a solid chance Urban Meyer made more money than you over the weekend.
Ohio State's head football coach earned $60,000 Sunday — the final day in January — by just remaining employed by the university. As written in his contract, Meyer's retention bonus must be provided to him by Ohio State within 30 days of Jan. 31. Monday marks the beginning of a new contract year in Meyer's deal, which runs from Feb. 1 to Jan. 31 each term.
Ohio State also fed a $50,000 contribution into Meyer's 403(b) Retirement Plan on Sunday, provided that sum was not amended from the time he signed his extension.
Concurrent to the contract extension Meyer signed April 6 — one that pays him $6.5 million annually beginning in 2016 and through 2020 — Ohio State's head coach is scheduled to receive a $160,000 retention bonus on the same date in each of the final four years of his deal.
And, because Meyer is still employed by Ohio State Monday, the first day of February, the buyout in his contract fell nearly $7 million. If Meyer had been terminated by Ohio State "other than for cause" on or before Jan. 31, the school owed him $34,080,525. That number dropped to $27,434,457 Monday.
Here are the buyout clauses explicitly written in the contract Meyer signed in April:
- If Meyer is terminated by Ohio State "other than for cause" between Feb. 1, 2016 – Jan. 31, 2017, the university must pay him $27,434,457;
- between Feb. 1, 2017 – Jan. 31, 2018 — $21,345,100;
- between Feb. 1, 2018 – Jan. 31, 2019 — $15,523,591;
- between Feb. 1, 2019 – Jan. 31, 2020 — $10,038,327; and
- between Feb. 1, 2020 – Jan. 31, 2021 — $4,869,894.
In addition, Meyer is set to receive his regular monthly portion of his base salary Monday. His base compensation — total pay just for being football coach and no other stipulation — is $818,640 ($68,220/month).
Meyer collects $2,665,360 every 12 months (in equal monthly installments) for what is identified in his contract as "Media, Promotions and Public Relations" responsibilities. Monday marks the beginning of a new year for those $222,113.33 monthly payments.
Monday begins a new run of equal monthly payments made by Ohio State to Meyer for the school agreeing "to consult with the coach when it selects equipment, footwear, and/or apparel that has a significant impact upon Ohio State's football team" that total $1,566,000 per year. Thus, $130,500 per month.
As also written in his contract, Ohio State pays Meyer another $480,000 annually in what is described as a "defined contribution plan maintained by Ohio State and intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986. He receives that payment Dec. 31 of each year he is under contract with Ohio State.
Despite the influx of cash Meyer earned over the weekend, on Monday and for the 2015 season, he missed out on significant incentive-based paydays. Ohio State tied Michigan State for the Big Ten East Division Championship, a $50,000 bonus for Meyer.
There are multiple significant championship-laden bonuses worked into his contract. They are as follows:
- Big Ten East Division Championship – $50,000
- Big Ten Championship – $100,000
- College Football Playoff Bowl Game Appearance – $200,000
- College Football Playoff Semifinal Appearance – $250,000*
- College Football Playoff Finals Appearance – $350,000
*If Ohio State wins the semifinal College Football Playoff game, Meyer is not entitled to receive the $250,000, according to the contract.
Additionally, if Meyer wins Big Ten Coach of the Year — an award an Ohio State coach hasn't won since 1979 — he is entitled to a $50,000 bonus. Add another $75,000 if he takes home National Coach of the Year honors.
Meyer's $6.5 million annual salary makes him the third highest paid coach in the country, trailing only Alabama's Nick Saban and Michigan's Jim Harbaugh. When Meyer signed his extension in April, only Saban owned a higher salary.
Meyer is an impressive 50-4 in his four seasons in Columbus. Ohio State won the Big Ten and College Football Playoff National Championship in 2014, the first year the latter system existed. The Buckeyes beat Notre Dame, 44-28, in the Fiesta Bowl New Year's Day to finish the 2015 season 12-1.
The Buckeye head coach and his staff spent their weekend trying to nail down the final pieces to yet another highly ranked recruiting class, but Meyer also saw a nice boost to his bank account.
