The LSU Board of Supervisors greeted football coach Les Miles with a standing ovation when he appeared Thursday to discuss his contract extension. Miles signed the amended contract in a closed boardroom soon after the Athletic Committee unanimously passed the revised contract. The Board must still officially vote today for approval. “I very much appreciate this contract extension,” Miles told the Board. “I look forward to many years as the LSU head coach.” According to the contract, Miles’ term begins Jan. 1, 2008 and ends Dec. 31, 2012. The contract gives Chancellor Sean O’Keefe the authority to extend Miles’ contract two years to 2014. The amendments do not affect the salary or benefit portions of the contracts, but Miles’ pay will largely depend on his postseason performance. According to the amended contract, Miles’ salary clause can be adjusted without Board approval or additional amendments if it must be changed to satisfy the postseason stipulations. Since the Tigers won the Southeastern Conference Championship, Miles is already guaranteed to be one of the top-three highest paid SEC coaches. Alabama’s Nick Saban is the highest-paid SEC coach with a $4 million annual salary. Florida’s Urban Meyer brings in $3.25 million annually. Auburn’s Tommy Tuberville rounds out the top trio with a recently-signed deal that guarantees him $2.8 million next season. An additional clause ensures Miles will be one of the three highest paid national coaches if he wins the Bowl Championship Series National Championship on Jan. 7. Associate Athletic Director Mark Ewing said if LSU wins the BCS Championship, Miles’ annual salary would likely fall between $3.2 and $3.5 million. If the University terminates his contract without cause before its 2012 conclusion, it must pay him the amount remaining under the contract but can take twice as long to make the payments, according to the amended contract. The maximum amount the University would owe Miles is $15 million, amended from the previous $10 million limit. The Team Academic Achievements section was amended to encourage three academic achievements within the football team: a specific Academic Performance Rate, a 75 percent graduation rate and a 2.8 Grade Point Average. If the team achieves one standard, Miles can distribute $150,000 as supplemental compensation to football staff members. If the team achieves two standards, Miles can distribute $250,000 to the staff. After Miles addressed the Board, members expressed their gratitude for his decision to stay. Many speculated Miles would leave for Michigan once coach Lloyd Carr vacated the Wolverines’ head coaching position. “You showed true integrity,” said James Roy, chairman-elect. “You walk the walk and talk the talk, and you are a role model.” Board member Charles Weems interjected a bit of humor with his allusion to Miles’ pre-SEC Championship press conference when he forcefully denied the Michigan rumors. “With this new contract, ‘Have a great day,'” Weems joked. The Athletic Committee also approved the BCS Championship budget, with $2,776,300 in expected expenses and $3,156,200 in expected revenue. The adjusted total is $379,900 in expected revenue.
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