BLACKSBURG, Va. – The firing of Virginia Tech head football coach Brent Pry could present some significant financial hurdles for the university.
A multi-million dollar buyout, coupled with staying competitive, is challenging, but the road ahead could have a few breaks for Virginia Tech.
“I just think that when universities hand out long guaranteed deals, that they are betting on success. And then when it doesn’t come, they pay dearly for it.”
Kirk Schroder, sports law expert
Although Pry was relieved of his duties, Virginia Tech will still pay him $6 million over the next two years due to the buyout provision in his contract.
“It’s really an important part of the negotiation. Right up there obviously with the salary because, maybe it is obvious. But because of the volatility of particularly football. So, the buyout is going to be negotiated, it’s one of the key terms that’s going to be right up front.”
Eric Blevins, sports law program manager, Tulane University
This buyout comes less than four years after paying Justin Fuente a lump sum of $8.75 million when he was let go in November 2021.But with Pry receiving his compensation through installments, Virginia Tech could avoid paying him the full amount due to an offset clause.
“Whether they want to jump right back into the coaching pool, or whether they want to lay low for a while. Which there can be strategic incentives at play there as well.”
Eric Blevins, sports law program manager, Tulane University
This means that should Pry get another coaching job, his new salary would be subtracted from what he is owed by Virginia Tech. That would be the ideal scenario for the Hokies as they have the fourth-highest football expenditures among public institutions in the ACC. With a budget of roughly $40 million, that would make Pry’s payout almost 10% of all football expenses next year, which could limit the salary offered to their next football coach.