A look at Larry Fedora’s contract at UNC

CHAPEL HILL — The University of North Carolina’s hiring of Larry Fedora as its head football coach is officially official. The university’s board of trustees formally approved the hiring during a meeting this morning. Fedora will be introduced during a 1 p.m. press conference on campus.

Here’s a quick look at details for Fedora’s contract:

--Fedora and UNC agreed on a 7-year deal. Five-year deals are usually standard for a new coach but Fedora received an extra two because UNC placed itself on two years of probation amid the NCAA investigation into impermissible benefits and academic fraud within the football program.

--Fedora’s base salary will be $350,000 per year. He’ll also receive an additional annual compensation of $1,350,000. That adds up to a total package of $1.7 million per year. That number does not include Fedora’s media and apparel contracts, which he’s expected to sign with outside sources.

--Fedora will receive a one-time payment of $400,000 on or before Jan. 31, 2012.

--He’ll also be given an annual expense allowance $30,000.

--Bonuses: There are a bunch. Let’s start with the achievement bonuses. Fedora will receive a bonus of one-twelfth of his base salary ($350,000) for the following: winning the ACC Coastal Division; winning the ACC championship game; appearing in a non-BCS bowl game; for coaching a team with an APR that exceeds or equals 960.

He’ll receive a bonus of two-twelfths of his salary for appearing in a BCS bowl game. Fedora would receive $200,000 for coaching UNC to an appearance in the BCS national title game.

--There are also retention bonuses that go into effect in 2015. If Fedora is still UNC’s coach on Jan. 15, 2015, he’d receive a bonus of $100,000. If he’s still UNC’s coach one year later, on Jan. 15, 2016, he’d receive a bonus of $200,000. The bonus increases incrementally by $50,000 for the duration of the contract. So if Fedora is UNC’s coach on Jan. 15, 2019, he’d receive a bonus of $350,000.

--The contract includes provisions for a buyout. If Fedora terminates his employment “without cause” before Jan. 15, 2013, he’d owe UNC $2.35 million. If he leaves between Jan. 15, 2013 and Jan. 14, 2014, he’d owe the university $1 million. He’d owe $500,000 if he leaves between Jan. 15, 2014 and Jan. 14 2015. And $250,000 if he leaves in the next year after that. Fedora would owe $100,000 if he leaves between Jan. 15 2016 and Jan. 15, 2018.

So there you have it. The terms of Larry Fedora’s contract.