CHAPEL HILL — North Carolina football coach Butch Davis’ $291,000 raise, announced in November along with a one-year contract extension, is not quite as big as it sounds.
According to the new contract, released Friday, $157,000 of the raise comes from the retention bonuses that would have been paid to Davis under his old contract had he stayed through January 2012 and then January 2015.
Under the old contract, $100,000 per year was to be paid into a deferred compensation account beginning July 1, 2007 and ending July 1, 2011. If he stayed through Jan. 15, 2012, he would have been paid that $500,000, plus any interest accrued. In July 2012 and July 2013, $300,000 per season was scheduled to be paid into the account. He would have been paid that $600,000, plus interest accrued, on Jan. 15, 2014.
Instead, those funds were divided among the years left on his new contract, which now lasts through Jan. 15, 2015.
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The rest of the raise comes from a $29,000 salary increase, a $5,000 expense account increase and an additional $100,000 a year in supplemental compensation.
If Davis chooses to leave UNC without cause and takes another coaching position prior to Jan. 15, 2014, he will still owe the school a penalty ranging from $2 million to $700,000, depending on the season.