The University of Arizona has agreed to contract extensions with football coach Rich Rodriguez, basketball coach Sean Miller and athletic director Greg Byrne, according to Arizona Board of Regents documents, and also seeks to set up a donor-based retention fund for all three men.
The Regents agenda for a June 6 meeting shows UA seeks approval for contracts with its three highest-profile athletics figures.
The proposed extension for Rodriguez would extend the coach's contract from its current end date of Nov. 30, 2017, to May 31, 2019, and raise his annual base salary from $1.33 million to $1.5 million on June 1. On each June 1 through 2018, Rodriguez would receive an additional raise of $100,000, boosting his base salary to $1.9 million for the 2018 season.
In two seasons at UA, Rodriguez has compiled a 16-10 record and led the Wildcats to bowl victories in both seasons.
Miller's proposed extension would extend his contract from April 30, 2018, to May 31, 2019, and raise his salary on June 1, 2018, from $1.5 million to $1.6 million. Miller's contract bonuses include $50,000 for an Elite Eight berth, $175,000 for a Final Four appearance and $500,000 for winning a national championship.
In five seasons at UA, Miller has compiled a 129-48 record and led the Wildcats to the NCAA Tournament three times and the Elite Eight twice.
UA has agreed to extend Byrne's current contract, which expires on Sept. 29, 2016, through May 31, 2019. Byrne would also receive a raise of his annual base salary of $500,000 to $625,000 on June 1. On each June 1 through 2018, Byrne would receive an additional $25,000 raise -- bringing his base pay to $725,000 at the end of the current term.
Under Byrne's direction, UA has seen its baseball team win a national championship and move successfully to Hi Corbett Field, undergone a $74 million football facilities renovation project and broke ground on renovation of McKale Center.
It's not a coincidence the three proposed contract extensions all run through the same date. The extension proposals that will be presented to the Board of Regents include details of a retention plan for all three individuals.
According to the documents, a "major university benefactor has offered to donate 500,000 units of a Master Limited Partnership (MLP) to the University of Arizona Foundation, for the purpose of supporting the Intercollegiate Athletics Department and the University" and retaining Byrne, Rodriguez and Miller.
The documents say as of May 12, each MLP unit was valued at $35.36, for a total present donation value of $17.68 million. The units would be managed by Barclay's for the next eight years, with quarterly distributions of net income on 450,000 units to the athletic department and net income on 50,000 units to the university.
If Miller and Rodriguez are still employed at UA in eight years, each would receive 175,000 MLP units or could opt to have the units sold and receive the cash derived from the sale. If Byrne is still employed at UA in eight years, he would receive the same deal for 100,000 units.
In all three cases, if one of the individuals were to be terminated without cause before the end of the eight-year period, he would receive a pro-rated share of the unit value through the first four years. If any of the individuals leaves Arizona or is terminated with cause during the eight-year period, he would not receive any units.
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