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Tedford Settlement

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Posted: 02/04/2013 6:55 PM

Tedford Settlement Post Rating (1 vote)


Jeff Faraudo was able to wrangle this scoop on the settlement between Cal and Jeff Tedford.

http://www.ibabuzz.com/beartal...r-5-55-million/

The take-aways:

Tedford was initially owed $6.9 million, which is now reduced to $5.55 million -- not a big reduction, but at least it's something. To be honest, I'm fairly surprised that it was reduced at all.

According to the terms of the settlement, Tedford and the University split evenly any amounts over $1.5 million that Tedford would earn if he accepts a college HC job or an NFL job (HC or assistant) before Dec. 31, 2015 (essentially, the end of the contract).
Ryan Gorcey
Publisher, BearTerritory.net & GoldenStatePreps.com
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Posted: 02/04/2013 6:59 PM

Re: Tedford Settlement Post Rating (2 votes)


Here's the full statement from Cal:

Cal, Jeff Tedford Reach Contract Settlement

February 4, 2013

The University of California and former football coach Jeff Tedford announced today that they have agreed upon a mutually beneficial settlement for the remaining three years of Tedford's contract that guarantees Tedford up to $5.55 million in payments over the next three seasons while reducing the University's maximum obligation from its original terms, in a fair resolution satisfactory to both parties.

Under the revised agreement, Tedford is free to pursue and maximize other coaching opportunities and the University's maximum financial obligation to Tedford is reduced by at least $1.35 million. Tedford and the University agreed to share evenly any amounts above $1.5 million that Tedford earns during the three years in certain coaching positions. The original contract called for up to $2.3 million per year paid to Tedford through 2015 ($6.9 million total), and a dollar for dollar set off against Tedford's earnings in certain coaching positions over the next three seasons.

Tedford compiled an 82-57 record at Cal from 2002-12, guiding the Golden Bears to eight postseason bowls and five victories. Cal players were voted first-team all-conference 44 times and received academic all-conference notification on 110 occasions. This past fall, 13 of 18 scholarship seniors received their undergraduate degrees, with one additional scholarship player expected to graduate in the spring.

"During his tenure at Cal, Jeff Tedford deeply cared for his student-athletes, their performance on the field and in the classroom, as well as their families, this department and the entire University," Director of Athletics Sandy Barbour said. "We appreciate all that Jeff contributed to Cal's reputation for excellence during his 11 years at the University and wish him well in all his future endeavors. Jeff and the entire Tedford family will always be a part of our history and tradition, and will always be welcomed back as part of the Golden Bear family."

Tedford added, "I am proud of all the accomplishments we achieved together at Cal, both on and off the field, and the manner in which we raised the program's national profile and expectations. I am honored to have played a role in the renovations to California Memorial Stadium, and in improving the facilities, with the goal of enhancing the experience for the entire Golden Bear community. My family and I will treasure our 11 years with the Golden Bears, and the many special relationships that were cultivated here. I look forward to maintaining my strong personal bond with my former players and staff, while pursuing the next chapter in my professional career."

AND here's the official contract addendum:
CONTRACT AMENDMENT

Ryan Gorcey
Publisher, BearTerritory.net & GoldenStatePreps.com
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Last edited 02/04/2013 6:59 PM by RyanGorcey

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Posted: 02/05/2013 10:12 AM

Re: Tedford Settlement Post Rating (2 votes)




Good luck in the future, JT and thanks for your hard work.  I'm sure success will find you as it has so many times.

 

Last edited 02/05/2013 10:14 AM by jrsmithe

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Posted: 02/05/2013 11:55 AM

Re: Tedford Settlement Post Rating (4 votes)


Tedford isn't reading this thread.  Not sure why you're talking to him as if he is.
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  • EGbear
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Posted: 02/05/2013 1:53 PM

Re: Tedford Settlement 



YogiBear wrote: Tedford isn't reading this thread.  Not sure why you're talking to him as if he is.

Never know.  He's got some extra time for that kind of stuff now.

Last edited 02/05/2013 1:56 PM by EGbear

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Posted: 02/05/2013 4:48 PM

Re: Tedford Settlement Post Rating (2 votes)



YogiBear wrote: Tedford isn't reading this thread.  Not sure why you're talking to him as if he is.

Well, it's a sentiment, expressed on a public forum.  I really didn't suspect that I was literally talking to JT as much as rendering an opinion.

 

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