By Robbie Neiswanger
Arkansas News Bureau • rneiswanger@arkansasnews.com
FAYETTEVILLE — Arkansas coach Bobby Petrino has indicated several times he enjoys living in Northwest Arkansas and coaching the Razorbacks.
It looked like Petrino meant it Saturday night.
Arkansas announced a new seven-year contract in a letter of agreement for Petrino, which will include a pay raise, bigger incentive packages and an astronomical buyout that begins at $18 million the next two seasons and appears to lock both sides together for some time.
The new deal, which will stretch through the 2017 season, came after two weeks of rumblings that both sides were working on a contract. And several days after Petrino’s name emerged in media reports as a candidate for the Florida opening, which was filled by Texas defensive coordinator Will Muschamp on Saturday night.
“We are pleased to announce a new agreement with Coach Bobby Petrino that will enable our program to move forward under the leadership of one of the most successful college football coaches in the nation,” Arkansas athletic director Jeff Long said in a university release. “This agreement demonstrates a mutual long-term commitment between Coach Petrino and the University of Arkansas. Coach Petrino has done a tremendous job in leading the Razorback program to new levels of success both on and off the field. I appreciate his strong desire to remain at the University of Arkansas to continue to build our program and positively impact the lives of our student-athletes.
“I am excited about the direction of the Razorback Football program and look forward to Coach Petrino serving as the head football coach of the Arkansas Razorbacks for many years to come.”
Petrino is 23-14 in his three years with the Razorbacks, guiding Arkansas to a 10-2 mark and a berth in the 2011 Sugar Bowl against Ohio State. It is the first time Arkansas has reached a BCS game in school history.
Petrino’s new contract will pay him an average salary of $3.56 million over its entirety. He will earn $3.6 million in 2011, receiving a $500,000 bonus for signing his new letter of agreement. He also has a chance to earn longevity bonuses of $250,000 if he remains Arkansas’ coach in 2014 and $475,000 in 2017.
But the most eye-opening part of the agreement is in the contract buyouts, which begins at $18 million in 2011 and 2012 and moves to $17.975 million in 2013. It doesn’t fall below the $10 million mark until the 2016 season (at $7.375 million). The buyouts apply to both parties, indicating it would be expensive for Arkansas to fire Petrino or for the coach to leave.
“I am excited to express my commitment to the University of Arkansas,” Petrino said in a university statement. “Chancellor (Dave) Gearhart and Jeff Long have been tremendous in terms of their support and I appreciate the positive energy the fans have demonstrated.
“I look forward to continuing to dedicate myself to leading the Razorback football program.”
Other items in Petrino’s letter of agreement include:
• An expanded non-compete clause that includes the entire Southeastern Conference. The non-compete clause in Petrino’s previous deal consisted of the SEC West.
• Larger incentives. For example, Petrino receives a $75,000 bonus for leading the Razorbacks to a BCS bowl that isn’t the national title game. Under the new agreement, the bonus for the same bowl will be $125,000.
• A clause that stipulates Petrino will assist in “fundraising activities for the benefit of the Razorback football program.” It includes, but is not limited to, the planned football operations center.
The letter of agreement was signed and dated by Petrino on Saturday. However, it is not the formal employment agreement issued by the university.
The letter indicates Arkansas will “use its best efforts to draft and execute” the formal employment agreement within 30 days, not including any dates the university is closed for winter break. The school also requests the Razorback Foundation complete its “Guaranty Agreement” in that timeframe as well. It was not immediately known how legally bound both parties were to the letter.
Long and Petrino were not available for further comment on the new agreement.
But the letter didn’t appear to be an issue for either party Saturday night, though.
“Coach Petrino has stabilized and elevated the success of our program,” Long said. “The mirror image buyout provisions included in the terms of the agreement reflect both parties’ serious commitment to each other and to the long-term success of Razorback Football. That will help our ongoing fundraising efforts and send a clear message to prospective football student-athletes about the bright future of our program.”
