UGA head coach Mark Richt finally has a new contract. Richt received a new five-year contract that will keep him at Georgia through the 2016 season.
UGA also announced that athletic director Greg McGarity has received a two-year contract extension through December of 2017. McGarity will receive a salary increase from $460,000 to $500,000 effective July 1, 2012 and $550,000 effective July 1, 2013.
Richt’s new contract came with a bit of a surprise. If Richt decides to leave Georgia or retire, he will owe the University no money as opposed to $2 million per year under the old contract.
The salary for Richt remains the same, $2,811,340 per year, but his performance bonuses have doubled. Richt will make $200,000 for winning the SEC Championship and $800,000 for a BCS National Championship.
“We’re very pleased the final details of Coach Richt’s contract have been completed and the document has been officially executed,” said McGarity. “I think it’s a win-win for all involved and we’re ready to move forward toward the coming season.”
“Mark Richt is not only the dean of SEC coaches, he is a person who has represented the University of Georgia extraordinarily well since he arrived in December of 2000,” said UGA President Michael Adams. “He has compiled a very strong record of wins and losses over that period. I am glad we were able to work out this contract extension which I believe is good for the University, good for football and good for Mark.”
Defensive coordinator Todd Grantham has also received a new three-year contract extension. Grantham will now make $825,000 per year which is a raise of $75,000 per season.
According to a draft of the contract, Grantham’s bonus structure was also changed. He will now make an extra $75,000 if the Bulldogs win the SEC Championship and $150,000 if the Dawgs win the national championship.
Grantham’s new contract also comes with some departure stipulations. He can leave UGA without penalty to a coordinator position in the NFL or a head coaching position in college. If he makes a lateral move at the college level, Grantham will have to pay UGA $60,000 in year one, $40,000 in year two or $20,000 in year three.